Oil prices recovered its losses in spite of a larger-than-expected build in US crude inventories, as the greenback shed some of its recent gains against the euro. According to the release from Energy Information Administration, crude inventories rose by 4.1 million barrels in the week ended February 26, much higher than an increase by 1.1 million barrels economists had anticipated. Tuesday, the American Petroleum Institute had reported a 2.67 million barrel rise in crude oil inventories during the week. Now support for the crude is seen at 3647 and below could see a test of 3606. Resistance is now likely to be seen at 3719, a move above could see prices testing 3750.

Trading Ideas:

Crude trading range is 3606-3750.

Oil prices recovered its losses in spite of a larger-than-expected build in US crude inventories

Support for the crude is seen at 3664 and resistance is at 3702.

According to the release from EIA crude inventories rose by 4.1 million barrels

BUY CRUDE MAR @ 3690 SL 3668 TGT 3704-3722-3740.MCX