Crude oil prices ended higher after the government data showed a bigger than expected draw down in crude inventories. The Energy Information Administration reported a decline of 5.1 million barrels in US crude inventories in the week ended July 9. U.S. oil refining capacity fell for the first time since 2003 as the weak economy reduced demand for gasoline, diesel fuel and other petroleum products, the Energy Information Administration said. Now support for the crude is seen at 3588 and below could see a test of 3553. Resistance is now likely to be seen at 3649, a move above could see prices testing 3675.

Trading Ideas:

Crude trading range is 3553-3675.

Crude oil ended higher after data showed bigger than expected draw down in inventories

Crude oil is taking support at 3600 and resistance at 3649 level

The EIA reported a decline of 5.1 million barrels in US crude inventories