Crude oil rose after a report showed that Chinese refining climbed to a record in April as domestic demand climbed. The Organization of Petroleum Exporting Countries left its 2010 world oil demand forecast unchanged saying that demand would grow 0.9 million barrels/day or 1.1%. Now support for the crude is seen at 3415 and below could see a test of 3371. Resistance is now likely to be seen at 3507, a move above could see prices testing 3555.

Trading Ideas:

Crude trading range is 3367-3551.

Crude oil advances after report shows record volume of Chinese refining

OPEC leaves 2010 world oil demand forecast unchanged

Today crude oil inventories: Exp: 1.0M Prev: 2.8M

SELL CRUDE MAY BELOW 3440 SL 3472 TGT 3426-3415.MCX