Oil ended higher on signs U.S. crude inventories are dropping and speculation stimulus measures by the Federal Reserve will weaken the dollar. Members of the Organization of Petroleum Exporting Countries have signaled they may seek a higher price range for oil as the depreciation of the U.S. currency erodes the purchasing power of their dollar-denominated exports. The Energy Information Administration in its weekly inventory report said US crude stockpiles rose by 2.0 million barrels to 368.2 million barrels in the week ended October 29. Now support for the crude is seen at 3734 and below could see a test of 3698. Resistance is now likely to be seen at 3800, a move above could see prices testing 3830.

Trading Ideas:

Crude trading range is 3698-3830.

Crude oil ended positive on signs U.S. crude inventories are dropping

Crude looks to test support at 3746 and resistance is seen at 3800.

EIA in its inventory report said US crude stockpiles rose by 2.0 million barrels