Crude oil ended higher on Saturday due to short covering after the prices slid to a fresh three-month low Friday, as volatility across markets magnified existing concerns about the buildup of supplies. The market is now poised for a test of the $70-a-barrel level. OPEC's likely action, and medium-term expectations of stronger global oil demand, would put a floor in the market at $60 and prompt bargain hunting. Now support for the crude is seen at 3250 and below could see a test of 3237. Resistance is now likely to be seen at 3276, a move above could see prices testing 3289.

Trading Ideas:

Crude trading range is 3237-3289.

Crude oil ended higher on Saturday due to short covering after prices slid Friday

Support for the crude is seen at 3242 and resistance is at 3286.

Chinese oil demand growth is up a heady 17% year-on-year so far

SELL CRUDE @ 3250-3260 SL 3274 TGT 3238-3216-3200.MCX