Crude oil recovered some of its losses supported by a stronger euro but constrained by ongoing worries about tepid demand. In the face of such a well-supplied U.S. market, sustained price increases in crude futures would likely have to be preceded by a boost to confidence in the global economic recovery. Imports of crude climbed 4.3 percent to 10.1 million barrels a day, the highest level since the week ended Jan. 2, 2009, the Energy Department report showed. Now support for the crude is seen at 3509 and below could see a test of 3482. Resistance is now likely to be seen at 3562, a move above could see prices testing 3588.

Trading Ideas:

Crude trading range is 3482-3588.

Crude oil recovered some of its losses supported by a stronger euro

Crude oil is taking support at 3512 and resistance at 3564 level

Imports of crude climbed 4.3 percent to 10.1 million barrels a day

BUY CRUDE JULY ABV 3545 SL 3520 TGT 3560-3585-3600.MCX