Crude oil prices ended flat Saturday after falling Friday as fears grew that the slowing economic recovery would further erode oil demand. Oil demand will continue to grow slowly in 2011, when world economic expansion is projected to be slightly lower than this year, OPEC said in a monthly report. It left unchanged its forecast of a 1.05 million barrel per day rise in global oil demand in 2011.

OPEC raised its 2010 forecast for global oil demand, by 100,000 bpd, to 85.50 million bpd. Now support for the crude is seen at 3534 and below could see a test of 3530. Resistance is now likely to be seen at 3542, a move above could see prices testing 3546.

Trading Ideas:

Crude trading range is 3530-3546.

Crude oil prices ended flat Saturday after falling Friday on demand worries

Crude oil is taking support at 3510 and resistance at 3560 level

Oil demand will continue to grow slowly in 2011-OPEC