Crude oil ended higher after official data revealed a bigger-than-expected weekly decline in US crude inventories. Oil also benefited from the dollar's retreat against the euro for a second session, and reports of a surge in Chinese exports. The US Energy Information Administration in its weekly inventory report said crude inventories fell 1.8 million barrels in the week ended June 4. Analysts had been looking for a decline of about 90,000 barrels. The oil market has "no room" for more crude supplies, OPEC said on Wednesday as it trimmed its forecast for world oil demand growth in 2010 and hiked its prediction for supplies from outside the group. Now support for the crude is seen at 3420 and below could see a test of 3336. Resistance is now likely to be seen at 3557, a move above could see prices testing 3610.

Trading Ideas:

Crude trading range is 3336-3610.

Crude oil ended higher after data revealed a bigger-than-expected decline in inventories

EIA in its weekly inventory report said crude inventories fell 1.8 million barrels

OPEC cuts oil demand forecast, ups non-OPEC supply

BUY CRUDE JUNE @ 3460-3470 SL 3448 TGT 3490-3518.MCX (CORRECTION DUE)