Crude slipped as disappointing jobless claims data and losses on Wall Street pressured oil despite a weak dollar and a government report of an unexpected slip in oil stockpiles. OPEC kept intact its current output targets at a meeting on Thursday in Vienna. OPEC will next meet in Quito on Dec. 11. The Energy Information Administration in its weekly inventory report released said US crude stockpiles fell by 416,000 barrels to 360.5 million barrels in the week ended October 8. Now support for the crude is seen at 3635 and below could see a test of 3608. Resistance is now likely to be seen at 3705, a move above could see prices testing 3748.

Trading Ideas:

Crude trading range is 3608-3748.

Crude slipped as disappointing jobless claims data and losses on Wall Street pressured oil

OPEC kept intact its current output targets at a meeting on Thursday in Vienna

EIA in its weekly inventory report said crude stockpiles fell by 416,000 barrels