Crude settled lower staying well within their recent trading range ahead of important economic data later this week and the beginning of corporate earnings season. The oil flow rate from Brazil's 4.5-billion-barrel Franco oil prospect was 50,000 barrels per day, a record rate for Brazil, the country's oil regulator ANP said. Weather forecasters reported no new signs of foul weather for the Gulf of Mexico after Tropical Depression No. 2 hit Mexico's coast near the border with Texas on Thursday and missed energy production platforms. Now support for the crude is seen at 3494 and below could see a test of 3465. Resistance is now likely to be seen at 3564, a move above could see prices testing 3605.

Trading Ideas:

Crude trading range is 3465-3605.

Crude oil settled lower as upcoming data weighs

Crude oil is taking support at 3500 and resistance at 3552 level

Oil flow rate from Brazil's 4.5-billion-barrel Franco oil prospect was 50,000 barrels per day

BUY CRUDE @ 3500-3510 SL 3480 TGT 3534-3556-3570.MCX