Crude dipped as per expectation and today look to trade steadied ahead of U. S. inventory data that is expected to show domestic crude stocks rose last week, while the unrest in Egypt continued to support sentiment. Egyptian President Hosni Mubarak declared on Tuesday he would surrender power in September, offering a mixture of concessions and defiance to Egyptians who marched a million strong to demand his 30-year-rule end immediately. Egypt's two major oil transit points, the Suez canal and the SUMED pipeline, that brings oil from the Red Sea to the Mediterranean, have not been affected by the protests, but there were major disruptions at Alexandria and Damietta ports. Crude oil stocks rose 3.8 million barrels last week, more than forecast, gasoline inventories rose 3.9 million barrels, while distillate stocks fell 1.1 million barrels. Now support for the crude is seen at 4172 and below could see a test of 4143. Resistance is now likely to be seen at 4238, a move above could see prices testing 4275.

Trading Ideas:

Crude trading range is 4143-4275.

Crude dipped as per expectation and today look to trade steadied ahead of U. S. inventory data

Crude oil looks to get resistance at 4232 and support is seen at 4178 level.

Today crude oil inventories: EXP: 2.4M PREV: 4.8M

SELL CRUDE FEB @ 4225-4235 SL 4272 TGT 4200-4168-4135.MCX

Crude $ is Trading at : 90.87$