Crude oil ended slightly lower after rising on positive data on consumer confidence and housing raised fresh economic recovery hopes, trumping a rise in the dollar. The International Energy Agency's chief said Monday that OPEC, the IEA and the International Energy Forum have developed a plan to address oil market volatility. Total OPEC crude oil output rose in March as an increase in Nigerian production overshadowed a dip in Iraq. Now support for the crude is seen at 3686 and below could see a test of 3669. Resistance is now likely to be seen at 3727, a move above could see prices testing 3751.

Trading Ideas:

Crude trading range is 3669-3751.

Crude oil ended slightly lower after rising on economics hopes

Support for the crude is at 3686 and resistance is at 3727.

Today crude oil inventories – Exp: 2.4M Prev: 7.3M

BUY CRUDE APR @ 3680 SL 3658 TGT 3700-3728.MCX