Crude oil edged up after industry data showed that crude stocks fell more than expected last week. The API said crude stocks last week declined 741k bls, gasoline inventories fell 1.7 mbls and distillate stockpiles dropped 3.1 mbls. Also news that some European airports reopened after five days of having air traffic halted by volcanic ash from Iceland helped eased nerves in the oil markets, though much airspace remained shut. Technically market is getting support at 3727 and below could see a test of 3701 level, And resistance is now likely to be seen at 3774, a move above could see prices testing 3795.

Trading Ideas:

Crude trading range is 3701-3795.

Crude oil futures edged up after industry data showed that crude stocks fell more than expected

Prices also rose as traders covered short positions ahead of expiration of the front-month May contract.

Expected Crude Oil Inventories Exp:0.1M vs -2.2M

BUY CRUDE MAY @ 3720-3730 SL 3700 TGT 3754-3772-3798.MCX