Oil prices ended positive amid lack of fresh cues from the economic front. Increasing uncertainty over the strength of global economic recovery kept sentiment in check. The IEA's executive director, Nobuo Tanaka, said the agency estimates that global offshore oil output could be reduced 800,000 to 900,000 barrels per day by 2015 if there is an extended global moratorium on new drilling similar to that in the U.S. Gulf of Mexico. Now support for the crude is seen at 3553 and below could see a test of 3550. Resistance is now likely to be seen at 3560, a move above could see prices testing 3564.

Trading Ideas:

Crude trading range is 3550-3564.

Crude oil settled positive after seesawing Friday due to lack of cues from economic front

Crude oil is taking support at 3518 and resistance at 3572 level

IEA's executive director said agency estimates that global offshore oil output could be reduced

BUY CRUDE JUNE @ 3550-3560 SL 3528 TGT 3576-3582-3600.MCX