Crude prices crumbled, leading a broad sell-off of commodities amid a bevy of troubling data from the US and China. The latest 2010 OPEC member oil figures for crude oil production and general oil output from OPEC member countries fell in June 2010 because of lower supplies from Iraq, Angola and Nigeria. Now support for the crude is seen at 3385 and below could see a test of 3340. Resistance is now likely to be seen at 3497, a move above could see prices testing 3564.

Trading Ideas:

Crude trading range is 3340-3564.

Crude oil fell yesterday as expected in widespread commodity sell-off

Crude oil is taking support at 3404 and resistance at 3462 level

OPEC member countries oil production falls on lower supplies

BUY CRUDE JULY @ 3420-3430 SL 3400 TGT 3456-3480-3500.MCX