Crude reached fresh two-year highs as a weak report on U. S. employment failed to overshadow concerns that global oil supplies may be tightening. Strong emerging oil demand growth over the next 24 months is very likely to lift the call on OPEC production to levels last seen at the peak of the oil price spike in 2008.

The Organization of Petroleum Exporting Countries, which is responsible for about 40 percent of global supplies, is unlikely to increase production in the first half of next year unless prices surge through $100 a barrel. Now support for the crude is seen at 4024 and below could see a test of 4013. Resistance is now likely to be seen at 4042, a move above could see prices testing 4049.

Trading Ideas: Crude trading range is 4013-4049. Crude reached fresh two-year highs after release of a weak report on U. S. employment Crude looks to test support at 4012 and resistance is seen at 4062. OPEC is unlikely to increase production in first half of next year unless prices surge through $100.