Oil prices pared its gains amid a stronger dollar. Rising inventory levels and unrelenting concerns about a possible slowdown in global economic recovery also weighed. Crude oil inventories at U.S. Cushing, Oklahoma hit a fresh record of 39 million barrels in the week to May 11. Now support for the crude is seen at 3344 and below could see a test of 3278. Resistance is now likely to be seen at 3460, a move above could see prices testing 3510.

Trading Ideas:

Crude trading range is 3278-3510.

Oil prices pared its gains due to stronger dollar and rising inventories

Support for the crude is seen at 3384 and resistance is at 3432.

Crude oil inventories at U.S. Cushing, Oklahoma hit a fresh record of 39 million barrels

CRUDE BELOW 3400 IN MAY MONTH LOOK WEAK TILL 3360 LEVEL. WAIT FOR ENTRY.