Crude oil ended higher amid a potential storm threat in the Gulf of Mexico. Oil prices also benefited from weakness in the dollar and rally in global equity markets, which indicated improved risk appetite. The National Hurricane Center reported the formation of a tropical depression near Bahamas and has issued tropical storm warning in Florida. Now support for the crude is seen at 3641 and below could see a test of 3580. Resistance is now likely to be seen at 3736, a move above could see prices testing 3770.

Trading Ideas:

Crude trading range is 3580-3770.

Crude oil ended higher amid a potential storm threat in the Gulf of Mexico

Crude oil is taking support at 3776 and resistance at 3736 level

The National Hurricane Center has issued tropical storm warning in Florida.