Crude settled positive paring all its intraday losses following news of an explosion that ripped through a major Mexican refinery. The news spurred speculation that the blast could force Mexico, which already relies on imports to meet more than 40 percent of its domestic gasoline demand, to significantly increase fuel imports. Now support for the crude is seen at 3434 and below could see a test of 3383. Resistance is now likely to be seen at 3517, a move above could see prices testing 3549.

Trading Ideas:

Crude trading range is 3383-3549.

Crude settled positive following news of an explosion at major Mexican refinery

Crude oil is taking support at 3452 and resistance at 3518 level

Crude oil invertories will released tomorrow as Monday US market was closed