Crude oil settled higher buoyed by a dip in U.S. weekly unemployment claims and hopes that economic recovery will lift petroleum demand. Even as a brighter economic outlook buoys oil demand hopes, rising inventory levels are exerting downward pressure on the prices. Now support for the crude is seen at 3726 and below could see a test of 3667. Resistance is now likely to be seen at 3824, a move above could see prices testing 3863.

Trading Ideas:

Crude trading range is 3667-3863.

Crude oil settled higher buoyed by a dip in U.S. weekly unemployment claims

Support for the crude is at 3766 and resistance is at 3802.

Saudi Arabian Oil Minister Ali al-Naimi said crude oil prices are at “sustainable levels”

SELL CRUDE MAY @ 3818 SL 3834 (STRICKLY) TGT 3800-3776-3752.MCX