Crude oil pared it gains after a report that showed U. S. service industries expanded in June at a slower pace than forecast, signaling a cooling of the economy. Oil prices advanced along with equity markets after the Reserve Bank of Australia gave a cautious but fairly upbeat assessment of the global economy in a statement that accompanied its rate decision. Now support for the crude is seen at 3346 and below could see a test of 3302. Resistance is now likely to be seen at 3456, a move above could see prices testing 3522.

Trading Ideas:

Crude trading range is 3302-3522.

Crude oil pared it gains after a report showed disappointed U. S. service industries data

Crude oil is taking support at 3366 and resistance at 3424 level

Crude oil inventories will release tomorrow as Monday US market was closed

SELL CRUDE @ 3405-3415 SL 3436 TGT 3386-3365-3340.MCX