Crude oil edged up as traders bet on the recovery in the demand for gasoline. Recent inventories data from the API and EIA suggested that gasoline consumption has been on the rise and prospects of demand are optimist ahead of the start of the U.S driving season which officially begins this Memorial Day weekend. Now support for the crude is seen at 3450 and below could see a test of 3437. Resistance is now likely to be seen at 3480, a move above could see prices testing 3497.

Trading Ideas:

Crude trading range is 3437-3497.

Crude edged up on hopes of demand pick up

Support for the crude is seen at 3446 and resistance is at 3484.

Recent inventories data from API and EIA suggested that gasoline consumption has been on rise

SELL CRUDE JUNE @ 3460-3470 SL 3498 TGT 3442-3420-3402.MCX