Crude oil climbed after the government reported that U.S. imports fell to a seasonal low and fuel inventories dropped more than forecast. A weekly update from the US Energy Department revealed crude inventories rose in line with expectations in the past week. As per the release from Energy Information Administration, US crude stockpiles rose by 1 million barrels in the week ended March 12. Now support for the crude is seen at 3721 and below could see a test of 3695. Resistance is now likely to be seen at 3766, a move above could see prices testing 3785.

Trading Ideas:

Crude trading range is 3695-3785.

Crude oil climbed after the government reported that U.S. imports fell to a seasonal low

OPEC agrees for fifth time to leave quotas unchanged

US crude stockpiles rose by 1 million barrels in the week ended March 12

BUY CRUDE MAR @ 3740-3750 SL 3718 TGT 3765-3780-3800.MCX (CORRECTION DUE)