Crude oil prices fell as concerns that Europe's debt crisis will widen battered the euro and added to worries about Chinese oil demand. Factories in Japan and South Korea, Asia's second- and fourth-largest oil users, cut output in October, in a region oil producers look to for demand growth. the American Petroleum Institute, an industry trade group, said crude stockpiles fell by 1.141 million barrels last week. and on worries over Chinese demand as that country looks to brake its energy demand growth and cool inflation. Now support for the crude is seen at 3900 and below could see a test of 3876. Resistance is now likely to be seen at 3950, a move above could see prices testing 3976.

Trading Ideas:

Crude trading range is 3876-3976.

Crude oil prices fell on concerns of Europe's debt crisis

Crude looks to test support at 3900 and resistance is seen at 3950.

Today crude oil inventories: Exp: -0.8M Prev: 1.0M