Crude oil prices rose on tracking broad gains in equity markets that were lifted by optimism about the strength of the economic recovery. Oil prices also received a lift from an expected drop in crude oil inventories in the United States following the outage last week on one of the main pipelines delivering crude from Canada. Angola is set to export around 1.68 million barrels per day (bpd) of crude oil in November, down from about 1.75 million bpd in October. Angola says its OPEC output target is 1.656 million bpd but an OPEC internal document widely quoted by industry sources suggests Angola's limit is in fact 1.52 million bpd. Now support for the crude is seen at 3469 and below could see a test of 3414. Resistance is now likely to be seen at 3555, a move above could see prices testing 3586.

Trading Ideas:

Crude trading range is 3414-3586.

Crude oil prices rose on tracking broad gains in equity markets

Crude oil is taking support at 3496 and resistance at 3555 level

Angola is set to export around 1.68 million bpd of crude oil in November