Crude oil rose as cold weather was seen boosting heating demand, Russia and Belarus feuded over oil pricing and signs of manufacturing strength fed hopes for more energy demand. Global oil consumption will average 85.22 million barrels a day this year, the Energy Department said in its monthly Short- Term Energy Outlook on Dec. 8.

That’s down 1.1 percent from a record 86.14 million barrels a day in 2007. Now support for the crude is seen at 3731 and below could see a test of 3697. Resistance is now likely to be seen at
3789, a move above could see prices testing 3813.

Trading Ideas:

Crude trading range is 3700-3820.

Crude oil rose as cold weather was seen boosting heating demand

Crude oil is now having support at 3740 and resistance at 3802 level

Global oil consumption will average 85.22 million barrels a day this year

BUY CRUDE JAN @ 3750-3765 SL 3732 TGT 3778-3790-3805-3835. MCX