Crude oil ended higher boosted by comments from the Saudi Arabian oil minister that an oil price between $70 and $90 a barrel was comfortable for consumers. Saudi Arabia has the capacity to continue supplying crude for another 80 years even if no new discoveries are made, Oil Minister Ali al-Naimi said in Singapore. The country is adding new reserves equal to the amount it is extracting each year, he said in a speech at the Singapore Energy Summit. A poll ahead of U. S. weekly industry and government data showed forecasts for a 1.4 million barrel increase in crude oil inventories last week. Now support for the crude is seen at 3662 and below could see a test of 3596. Resistance is now likely to be seen at 3767, a move above could see prices testing 3806.

Trading Ideas:

Crude trading range is 3596-3806.

Crude oil ended higher boosted by comments from the Saudi Arabian oil minister

Crude looks to test support at 3700 and resistance is seen at 3752.

Weekly industry and government data showed forecasts for a 1.4 million barrel increase