Crude oil settled lower due to appreciation in the rupee against the dollar. Tropical Storm Hermine, near the western end of the Gulf of Mexico, is poised to make landfall tonight, forcing at least one Texas refinery to take precautions. Saudi Aramco, the world’s biggest state-owned oil company, raised official selling prices for all crude grades to be shipped next month. Now support for the crude is seen at 3449 and below could see a test of 3436. Resistance is now likely to be seen at 3480, a move above could see prices testing 3498.

Trading Ideas:

Crude trading range is 3436-3498.

Crude oil settled lower due to appreciation in rupee against the dollar

Crude oil is taking support at 3448 and resistance at 3480 level

Tropical storm Hermine may reach hurricane strength before hitting Mexico