Oil settled sharply lower as an unexpected drop in US jobless claims helped the dollar gain some ground ahead of Friday's more closely watched payrolls report. Saudi Arabia may want to keep oil below $80 a barrel. The desert kingdom is the biggest crude producer in the Organization of Petroleum Exporting Countries and holds the world’s biggest reserves. OPEC is scheduled to meet Oct. 14 in Vienna to discuss the group’s production policy. Now support for the crude is seen at 3592 and below could see a test of 3548. Resistance is now likely to be seen at 3708, a move above could see prices testing 3780.

Trading Ideas:

Crude trading range is 3548-3780.

Oil settled sharply lower as an unexpected drop in US jobless claims helped dollar to gain

Crude looks to test support at 3592 and resistance is seen at 3708.

Saudi Arabia may want to keep oil below $80 a barrel.