Commodity Outlook for Crude Oil by KediaCommodity

Crude OilCrude oil ended higher as refined product futures rose on prolonged strikes in France that have hit shipping and refineries. OPEC members' average compliance to the group's output targets is 61 percent, OPEC Secretary General Abdullah al-Badri said on Monday. French oil refinery workers have been on strike since last week, against proposed pension reforms that calls for increasing retirement ages. The nation reportedly has started to tap emergency fuel reserves. Now support for the crude is seen at 3597 and below could see a test of 3525. Resistance is now likely to be seen at 3712, a move above could see prices testing 3755.

Trading Ideas:

Crude trading range is 3525-3755.

Crude oil ended higher as refined product prices rose on prolonged strikes in France

Crude looks to test support at 3597 and resistance is seen at 3712.

OPEC members' average compliance to the group's output targets is 61 percent