Crude ended lower amid fears that the European Union's economic problems would slow the global recovery and cut into oil demand. The oil market has looked to China and the U.S. to provide growth this year, but global demand would be unlikely to escape the downward pull of a European slowdown. Oil inventories rose 200,000 barrels in the week ended May 14. Now support for the crude is seen at 3324 and below could see a test of 3271. Resistance is now likely to be seen at 3416, a move above could see prices testing 3455.

Trading Ideas:

Crude trading range is 3271-3455.

Oil prices ended lower on fears of global oil demand slowdown

Support for the crude is seen at 3352 and resistance is at 3398.

Oil inventories rose 200,000 barrels in the week ended May 14

SELL CRUDE JUNE @ 3400 SL 3424 TGT 3382-3365.MCX