Crude hovered above $91 a barrel after a slight rise late last week on the back of strength in U.S. equities. No OPEC countries have requested an emergency meeting to discuss the rising price of crude, Iran's oil minister said on Sunday, calling $100 per barrel a "real" price and not a matter of concern for producers. Global oil prices have risen too high too quickly but increased OPEC output will not stem the rise as the climb is driven by demand. Now support for the crude is seen at 4140 and below could see a test of 4130. Resistance is now likely to be seen at 4161, a move above could see prices testing 4172.

Trading Ideas:

Crude trading range is 4130-4172.

Crude hovered above $91 a barrel after a slight rise late last week

Crude oil looks to take support at 4122 and resistance is at 4158 level.

Global oil prices have risen too high too quickly but increased OPEC output will not stem the rise

SELL CRUDE JAN @ 4165-4175 SL 4196 TGT 4155-4136-4115.MCX