Oil prices continued their downward slide amid demand concerns and as the dollar extended its recent gains versus the euro. U.S. crude inventories experienced a big draw down, but failed to provide much support for crude prices. Crude oil stockpiles fell by 3.9 million barrels to 326.7 million barrels for the week ended January 22. Now support for the crude is seen at 3410 and below could see a test of 3374. Resistance is now likely to be seen at 3488, a move above could see prices testing 3530.

Trading Ideas:

Crude trading range is 3400-3500.

Oil prices ended down amid demand concerns and as the dollar extended its recent gains

Support for the crude is at 3422 and resistance is at 3466.

Crude oil stockpiles fell by 3.9 million barrels to 326.7 million barrels

BUY CRUDE FEB @ 3420 SL 3400 TGT 3436-3456-3478.MCX