Crude oil ended down but still recovered some lost ground on bargain hunting even though euro zone worries persisted. OPEC is worried about the fall in oil prices and is watching developments in the market closely, but it is too early to say if OPEC needs to take any action. Now support for the crude is seen at 3279 and below could see a test of 3260. Resistance is now likely to be seen at 3325, a move above could see prices testing 3352.

Trading Ideas:

Crude trading range is 3260-3352.

Crude oil recovered some lost ground on bargain hunting

Support for the crude is seen at 3274 and resistance is at 3322.

OPEC is worried about the fall in oil prices and is watching developments in market closely

CRUDE LOOK WEAK FOR SUPPORT AT 3270 LEVEL. WAIT FOR FRESH POSITION