Crude oil ended higher supported by cold weather across the globe, appetite for risk assets and signals from OPEC it would not arrest the rally. OPEC's most influential oil minister, Saudi Arabia's Ali al-Naimi, said he was still happy with an oil price of $70-$80 per barrel and there was no need for an extra OPEC meeting before the next scheduled one in June. Now support for the crude is seen at 4149 and below could see a test of 4138. Resistance is now likely to be seen at 4168, a move above could see prices testing 4176.

Trading Ideas:

Crude trading range is 4138-4176.

Crude oil ended higher supported by cold weather across the globe

Crude looks to test support at 4138 and resistance is seen at 4176.

Saudi Arabia's Ali al-Naimi, said he was still happy with an oil price of $70-$80 per barrel