Crude oil rose after seesawing ending higher ahead of weekly oil inventory reports expected to show that crude and distillate stocks fell last week. OPEC agreed to keep its supply curbs unchanged but seeks to improve compliance with targets.

Angola is set to export an average of 1.88 million bpd of crude oil in February. Now support for the crude is seen at 3445 and below could see a test of 3399. Resistance is now likely to be seen at 3518, a move above could see prices testing 3545.

Trading Ideas:

CRUDE TRADING RANGE IS 3430-3550.

CRUDE OIL ROSE AHEAD OF WEEKLY OIL INVENTORY REPORTS EXPECTED TO FELL

OPEC AGREED TO KEEP ITS SUPPLY CURBS UNCHANGED BUT SEEKS TO IMPROVE COMPLIANCE

TODAY CRUDE OIL INVENTORIES: EXP: -1.5M PREV: -3.7M

BUY CRUDE JAN @ 3440-3450 SL 3412 TGT 3472-3498-3520-3545. MCX