Crude oil ended higher as energy investors were encouraged by a rally on Wall Street sparked by earnings optimism. The International Energy Agency said that global oil demand will increase by 1.6% in 2011, with demand growth coming entirely from non-OECD nations.  Now support for the crude is seen at 3518 and below could see a test of 3450. Resistance is now likely to be seen at 3629, a move above could see prices testing 3672.

Trading Ideas:

Crude trading range is 3450-3672.

Crude oil ended higher as energy investors were encouraged by a rally on Wall Street

Crude oil is taking support at 3562 and resistance at 3608 level

Today crude oil inventories: Exp: -1.1M Prev: -5.0M