Oil dropped on speculation China will raise interest rates, damping growth in the world’s biggest energy consumer. OPEC’s compliance with record supply cuts was little changed last month as production increases in six of its member countries offset declines in Iraq, Saudi Arabia and Venezuela, the International Energy Agency said. OPEC monthly production fluctuations have stayed in a remarkably stable range this year, within a narrow band of under 300,000 barrels a day. Now support for the crude is seen at 3817 and below could see a test of 3805. Resistance is now likely to be seen at 3838, a move above could see prices testing 3847.

Trading Ideas:

Crude trading range is 3805-3847.

Oil dropped on speculation China will raise interest rates

Crude looks to test support at 3805 and resistance is seen at 3858.

OPEC monthly production fluctuations have stayed in a remarkably stable range this year