Oil prices ended positive as the dollar edged lower and traders positively reacted to data that revealed US economy expanded for the third consecutive quarter. Meanwhile, the Obama administration has banned oil drilling in new areas off the US coast until an investigation into the cause of the massive oil spill in the Gulf of Mexico originated early this week. Now support for the crude is seen at 3791 and below could see a test of 3768. Resistance is now likely to be seen at 3831, a move above could see prices testing 3848.

Trading Ideas:

Crude trading range is 3768-3848.

Oil prices ended positive as the dollar edged lower

Support for the crude is at 3788 and resistance is at 3832.

The Obama administration has banned oil drilling in new areas off the US coast

BUY CRUDE MAY @ 3800-3810 SL 3780 TGT 3834-3860.MCX