Crude ended down raking up the biggest monthly percentage loss since December 2008, as paltry demand, weaker equities and a stronger dollar outweighed data showing U.S. growth in the fourth quarter was stronger than expected. OPEC oil supply is rising in January to the highest in 13 months further reducing compliance with output targets. Now support for the crude is seen at 3364 and below could see a test of 3349. Resistance is now likely to be seen at 3401, a move above could see prices testing 3423.

Trading Ideas:

Crude trading range is 3340-3430.

Crude ended down raking up the biggest monthly percentage loss since December 2008

Support for the crude is at 3364 and resistance is at 3401.

OPEC oil supply is rising in January to the highest in 13 months

SELL CRUDE FEB @ 3377-3385 SL 3412 TGT 3356-3335-3316.MCX