Crude oil tumbled on concern that Europe’s debt crisis will spread and as tensions on the Korean peninsula prompted investors to sell riskier assets. The Organization of Petroleum Exporting Countries is “tense” about the decline in oil prices and may call an extraordinary meeting if the drop continues, Angolan Oil Minister Jose Maria Botelho de Vasconcelos said. Sheikh Ahmad of Kuwait said May 8 that oil below $65 a barrel would “ring a bell” for OPEC ministers to hold an emergency meeting. Now support for the crude is seen at 3227 and below could see a test of 3196. Resistance is now likely to be seen at 3291, a move above could see prices testing 3324.

Trading Ideas:

Crude trading range is 3196-3324.

Crude oil tumbles on concern European debt crisis to widen

Support for the crude is seen at 3234 and resistance is at 3276.

Today crude oil inventories: Exp: 0.2M Prev: 0.2M

BUY CRUDE JUNE ABV 3275 SL 3240 TGT 3295-3322-3340.MCX