Crude oil ended positive Saturday on short covering after falling Friday heavily as weak U.S. May retail sales data stirred fresh worries about the pace of economic recovery in the world's biggest oil consumer. UAE Oil Minister Mohammed al-Hamli told that oil markets were still oversupplied but not excessively and that a $70 to $80 per barrel price range was acceptable. Now support for the crude is seen at 3472 and below could see a test of 3466. Resistance is now likely to be seen at 3485, a move above could see prices testing 3492.

Trading Ideas:

Crude trading range is 3466-3492.

Crude oil ended positive Saturday on short covering after falling Friday heavily

Crude oil is taking support at 3456 and resistance at 3504 level

UAE Oil Minister told oil markets were still oversupplied but not excessively

BUY CRUDE JUNE @ 3430-3440 SL 3418 TGT 3465-3490-3512.MCX