Crude oil settled positive but trimmed some of its gains as forecast that U.S. gasoline inventories swelled to their highest levels in six months. Qatar Oil Minister Abdullah al-Attiyah said he does not expect OPEC to make changes in its output quotas when the group meets in Vienna on Oct. 14. Libya, Iraq, Ecuador and Kuwait have all said they see no need for a change. Now support for the crude is seen at 3449 and below could see a test of 3420. Resistance is now likely to be seen at 3498, a move above could see prices testing 3518.

Trading Ideas:

Crude trading range is 3420-3518.

Crude oil settled positive but trimmed some of its gains on rising gasoline inventories

Crude looks to test support at 3449 and resistance is seen at 3498.

Today crude oil inventories: Exp: -0.4M Prev: 1.0M