Oil prices ended lower as OPEC signaled it will keep output targets unchanged when it meets on Thursday. OPEC stands by its oil price target of $70 to $80 and is almost certain to keep its output policy in place, but will monitor brimming inventories as the world crawls out of recession. OPEC, in a monthly report, left unchanged most forecasts for the oil market in 2011, including those for world oil demand growth and global demand for its own oil. It raised its estimate for world oil demand growth in 2010. Now support for the crude is seen at 3633 and below could see a test of 3604. Resistance is now likely to be seen at 3682, a move above could see prices testing 3702.

Trading Ideas:

Crude trading range is 3604-3702.

Oil prices ended lower as OPEC signaled it will keep output targets unchanged

Crude looks to test support at 3633 and resistance is seen at 3682.

Crude oil inventories will release tomorrow as US market was closed on Monday