Oil prices edged higher stretching prior-day gains. Trade volume was thin on account of the Thanksgiving holiday in the US. The only major factor that could provide a lead to weekend traders would be any move by China to further tighten its monetary policy, which could lead to a fall in crude oil demand. Oil prices at $100 a barrel will only trigger action from the Organization of Petroleum Exporting Countries if they are accompanied by a supply shortage, the group’s secretary-general said. Now support for the crude is seen at 3833 and below could see a test of 3814. Resistance is now likely to be seen at 3869, a move above could see prices testing 3886.

Trading Ideas:

Crude trading range is 3814-3886.

Oil prices edged higher stretching prior-day gains in a thin trade

Crude looks to test support at 3833 and resistance is seen at 3870.

Oil prices at $100 a barrel will only trigger action from the OPEC