Crude oil pared some of its losses supported by positive reports on auto and home sales that pointed to a steady recovery in the U. S. economy. Strong fuel demand may also help draw down U. S. oil inventories, which are near a 19-year high and remain a constant weight on oil prices.

Underpinning oil prices, the Memorial Day weekend marked the start of US summer driving season when fuel demand is expected to peak. Now support for the crude is seen at 3409 and below could see a test of
3362. Resistance is now likely to be seen at 3489, a move above could see prices testing 3522.

Trading Ideas: Crude trading range is 3362-3522. Crude oil pared some of its losses supported by positive reports on auto and home sales Support for the crude is seen at 3432 and resistance is at 3484. Today crude oil inventories: Exp: -0.4M Prev: 2.4M BUY CRUDE JUNE @ 3420-3430 SL 3390 TGT 3468-3490-3522.MCX