Crude oil ended positive as a report showed that U.S. initial jobless claims fell more than expected last week. Organization of Petroleum Exporting Countries won't change its crude oil output ceiling when it meets Saturday, the group's president said. OPEC decided in late 2008 to reduce its production by a total 4.2 million barrels a day, or about 5%, to revive flagging oil prices. Most OPEC countries have said the organization should stick to its current quota target when it meets in the Ecuadorean capital. Now support for the crude is seen at 3988 and below could see a test of 3953. Resistance is now likely to be seen at 4050, a move above could see prices testing 4077.

Trading Ideas:

Crude trading range is 3953-4077.

Crude oil ended positive after report showed that U.S. initial jobless claims fell more than expected

Crude looks to test support at 4000 and resistance is seen at 4050.

OPEC won't change its crude oil output ceiling when it meets Saturday