Crude continued their recent slide last week as a higher dollar and lower equities add to a weaker outlook for the economic recovery. A low pressure system southwest of the Cape Verde Islands will turn north and avoid the Gulf of Mexico, according to weather computer models. The National Hurricane Center gave it a 40 percent chance of becoming a tropical depression. The next named storm will be called Danielle. Now support for the crude is seen at 3465 and below could see a test of 3460. Resistance is now likely to be seen at 3476, a move above could see prices testing 3482.

Trading Ideas:

Crude trading range is 3460-3482.

Crude settled the week down as higher dollar add to weaker outlook for economic recovery

Crude oil is taking support at 3446 and resistance at 3498 level

The next named storm Danielle will have 40 percent chance of becoming tropical depression