Crude ended firm but pared most of its gains as per expectation but as told volatile will be seen same we have seen yesterday crude had opened at 3960 and made high of 4007 just below our resistance at 4016 and dragged down as pressure from the government's weekly oil inventory report showing crude and products stockpiles rose last week and crude made the low of 3947 and settled at 3967. While the rising stockpiles curbed U.S. crude, continued concerns about Egypt's unrest and the weaker dollar helped Brent rise above $102 a barrel and pushed the Brent premium to its U.S. counterpart to a record high above $15 a barrel. Now technically market is trading in the range as RSI for 18days is currently indicating 41.11, where as 50DMA is at 4114.36 and crude is trading below the same and getting support at 3940 and below could see a test of 3914 level, And resistance is now likely to be seen at 4000, a move above could see prices testing 4034.

Trading Ideas:

Crude trading range is 3914-4034.

Oil ended firm but pared most of its gains after unexpected increase in U.S. fuel supplies.

Crude oil looks to get resistance at 3998 and support is seen at 3934 level.

EIA in its said crude oil inventories increased by 1.90 million barrels to 345.10 million barrels