Crude extended declines for a sixth day, weighed down by forecasts calling for a second straight week of builds in U.S. crude supplies. Unseasonably cold weather is likely to grip northern Europe again from late February into spring, after a relatively mild spell in late January. Crude stocks likely rose 900,000 barrels last week, with distillate stocks, which include heating oil and diesel fuel were forecast down 200,000 barrels and gasoline stocks up 2.2 million barrels. Now support for the crude is seen at 3979 and below could see a test of 3942. Resistance is now likely to be seen at 4082, a move above could see prices testing 4148.

Trading Ideas:

Crude trading range is 3942-4148.

Crude supplies probably rose a second week as imports increased and refineries operated at the lowest rate since November

Saudi Arabia's Oil Minister Naimi says world has "clearly passed" latest recession, with demand for oil to continue rising this year.

Crude oil imports rose 6.5% to 8.99mbls a day in the last two weekly reports.