Crude oil ended higher as the dollar slumped and strong manufacturing data from China fueled hopes for greater oil demand. Oil also rose after OPEC member Ecuador declared a state of emergency after what it called a “coup attempt” yesterday. The U.S. National Hurricane Center said the area of disturbed weather associated with two tropical waves in the Atlantic Ocean still had a 30 percent chance of strengthening into a depression in the next 48 hours. Now support for the crude is seen at 3595 and below could see a test of 3565. Resistance is now likely to be seen at 3647, a move above could see prices testing 3669.

Trading Ideas:

Crude trading range is 3565-3669.

Oil ended higher as $ slumped and strong Chinese manufacturing data fueled hopes for demand

Crude looks to test support at 3595 and resistance is seen at 3647.

U.S. Hurricane Center said there is still 30% chance of two tropical waves strengthening into depression