Crude oil ended positive but pared some of its gains as persistent economic worries undermined a late drive to positive territory. Current prices are high enough to encourage investment in new supplies, Iraqi Oil Minister Hussain al-Shahristani said in Kuala Lumpur. The Organization of Petroleum Exporting Countries isn’t planning to hold an emergency meeting before its next scheduled gathering on Oct. 14, he added. Now support for the crude is seen at 3339 and below could see a test of 3278. Resistance is now likely to be seen at 3440, a move above could see prices testing 3480.

Trading Ideas:

Crude trading range is 3278-3480.

Crude oil pared some of its gains as doubts on economy persist

Support for the crude is seen at 3368 and resistance is at 3432.

OPEC will release its monthly report on supply and demand on June 9.

BUY CRUDE JUNE @ 3340-3350 SL 3308 TGT 3378-3400-3438.MCX