Oil rose as a forecast for an intense Atlantic hurricane season fueled fears of disruption in U.S. supplies, prompting speculative buying. Wednesday, the EIA said that crude oil inventories added 2.4 million barrels in the week ended May 21, to 365.1 million barrels, 2 million barrels over last year at the same time. Now support for the crude is seen at 3413 and below could see a test of 3350. Resistance is now likely to be seen at 3514, a move above could see prices testing 3552.

Trading Ideas:

Crude trading range is 3350-3552.

Crude oil yesterday ended higher on storm forecast

Support for the crude is seen at 3452 and resistance is at 3498.

EIA Wednesday said that crude oil inventories added 2.4 million barrels

BUY CRUDE JUNE @ 3440-3450 SL 3420 TGT 3485-3512.MCX