Oil prices fell yesterday as OPEC considered raising production, pushing up Asian stocks although investors remained on edge due to worries that unrest in the Middle East could spread to other oil exporting nations. Oil prices fell after Kuwait 's oil minister said the OPEC was considering a supply boost as war-torn Libya's output remained disrupted and the region's unrest fuelled concerns about more supplies being cut off. An official oil output increase by OPEC would signal the group's determination to cap prices, but continued violence in Libya has left investors jittery. Now technically market is trading in the range as RSI for 18days is currently indicating 69.07, where as 50DMA is at 4283.16 and crude is trading above the same and getting support at 4667 and below could see a test of 4609 level, And resistance is now likely to be seen at 4786, a move above could see prices testing 4847.

Trading Ideas:

Crude trading range is 4609-4847.

Oil prices slipped after Kuwait's oil minister said OPEC was considering a production boost

Crude oil looks to get resistance at 4758 and support is seen at 4690 level.

Today crude oil inventories: EXP: 0.8M PREV: -0.4M