Oil prices fell weighed down by an unexpected increase in US crude inventories and a drop in orders for durable goods. According to the weekly update by Energy Information Administration, US crude stockpiles rose by 7.3 million barrels in the week ended July 23. The official data came a day after the American Petroleum Institute reported a 3.1 million barrel-increase in oil inventories. Now support for the crude is seen at 3575 and below could see a test of 3538. Resistance is now likely to be seen at 3644, a move above could see prices testing 3676.

Trading Ideas:

Crude trading range is 3538-3676.

Oil prices fell weighed down by an unexpected increase in US crude inventories

Crude oil is taking support at 3575 and resistance at 3644 level

US crude stockpiles rose by 7.3 million barrels in the week ended July 23.