Crude oil recovered its early losses and settled flat as a government report showed a larger-than-expected decrease in the oil inventories. The Energy Information Administration reported a decline of 1.9 million barrels in the week ended May 28. Ecuador's oil export revenue totaled $862 million in April, up 4% from $826 million in March. Now support for the crude is seen at 3410 and below could see a test of 3374. Resistance is now likely to be seen at 3478, a move above could see prices testing 3510.

Trading Ideas:

Crude trading range is 3374-3510.

Crude oil recovered its early losses report showed larger-than-expected decrease in inventories

Support for the crude is seen at 3422 and resistance is at 3472.

The EIA reported a decline of 1.9 million barrels in the week

BUY CRUDE JUNE @ 3420-3430 SL 3390 TGT 3456-3480-3505.MCX