Crude oil tumbled to as the euro dropped against the dollar on concern that Greece’s debt crisis will spread, curbing economic growth. The prices have plunged 10.5% since Monday, the biggest three-day loss in over a year, taking the prices to levels not seen since mid-February. Saudi Arabian Oil Minister Ali al-Naimi said last month that prices in the $70-to-$80 range are “as close to perfect as possible” and that he hoped oil would remain in that range. Now support for the crude is seen at 3498 and below could see a test of 3454. Resistance is now likely to be seen at 3614, a move above could see prices testing 3686.

Trading Ideas:

Crude trading range is 3454-3686.

Crude oil tumbled to as the euro dropped against the dollar

Support for the crude is at 3518 and resistance is at 3562.

The prices have plunged nearly 10% since Monday the biggest three-day loss in over a year

BUY CRUDE JUNE ABV 3660 SL 3640 TGT 3688-3705-3725.MCX