Crude oil fell to a seven-week low as the euro dropped against the dollar on concern that Greece’s bailout may have to be extended to other indebted nations. Oil slipped 3 percent as the common currency tumbled to its lowest level against the dollar since March 2009, curbing the appeal of commodities to investors. Total oil supplies rose by 2.8 million barrels, while gasoline supplies rose by 1.3 million barrels. Now support for the crude is seen at 3561 and below could see a test of 3499. Resistance is now likely to be seen at 3708, a move above could see prices testing 3793.

Trading Ideas:

Crude trading range is 3499-3793.

Crude oil as the euro dropped against the dollar

Support for the crude is at 3600 and resistance is at 3652.

Total oil supplies rose by 2.8 million barrels and gasoline supplies rose by 1.3 million barrels

BUY CRUDE JUNE ABV 3755 SL 3730 TGT 3778-3800-3826.MCX