Crude oil recovered its some part of losses on late short-covering and aided by rising gasoline futures. Motorists rushed to the pumps on the sixth day of a strike at Total's refineries, which a union said will close over half of France's oil refining capacity. But pressure is likely to be seen on speculation fuel supplies in the U. S. increased, signaling demand from the world’s biggest energy consumer may be slowing, Oil can slip below $78 a barrel as U. S. crude inventories rose a fourth week last week and gasoline stockpiles increased further from the highest level since March 2008. Consumer confidence in the country probably cooled in February, declining for the first time since October. Now support for the crude is seen at 3674 and below could see a test of 3650. Resistance is now likely to be seen at 3725, a move above could see prices testing 3752.

Trading Ideas:

Crude trading range is 3650-3752.

Crude recovered its losses on late short-covering and aided by rising gasoline futures

Support for the crude is at 3674 and resistance is at 3725.

Motorists rushed to the pumps on the sixth day of a strike at Total's refineries

SELL CRUDE MAR @ 3710-3720 SL 3748 TGT 3688-3656-3635.MCX