Crude ended lower for the third consecutive session pressured by sliding equities and persistent demand worries. Oil use in rich industrialized countries will never return to 2006 and 2007 levels because of more fuel efficiency and the use of alternative.

OPEC, which supplies about 40 percent of the world’s crude, will ship 23.21 million barrels a day in the month ending Feb. 13, compared with 22.87 million a day in the four weeks to Jan. 16. Now support for the crude is seen at 3394 and below could see a test of 3372. Resistance is now likely to be seen at 3448, a move above could see prices testing 3480.

Trading Ideas:

Crude trading range is 3370-3460.

Oil struggled to find support amid demand worries and a stronger greenback

Support for the crude is at 3396 and resistance is at 3434.

Oil use in rich industrialized countries will never return to 2006 and 2007 levels

BUY CRUDE FEB @ 3400-3415 SL 3388 TGT 3434-3456-3478.MCX