Oil prices slipped after data on US industrial production growth and manufacturing activity in the New York region disappointed. However, a government report that revealed a decline in the nation's crude stockpiles helped trim losses. The Energy Information Administration in its weekly inventory report said US commercial crude oil stocks dropped by 2.5 million barrels in the week ended September 10. OPEC is happy with an oil price of between $70 and $80 a barrel and wants to avoid a double-dip recession, its secretary general said, a month before the group meets to set supply policy. Now support for the crude is seen at 3476 and below could see a test of 3438. Resistance is now likely to be seen at 3552, a move above could see prices testing 3590.

Trading Ideas:

Crude trading range is 3438-3590.

Oil slipped after data on US industrial production growth and manufacturing activity disappointed

Crude oil is taking support at 3476 and resistance at 3538 level

EIA in its weekly inventory report said crude oil stocks dropped by 2.5 million barrels