Crude oil ended down but recovered its losses as risk appetite improved with the dollar weakening against the euro and ahead of inventory data forecast to show that domestic crude stocks fell last week. Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said Tuesday that current oil prices were acceptable and there was no need for an extraordinary OPEC meeting. Now support for the crude is seen at 3346 and below could see a test of 3317. Resistance is now likely to be seen at 3406, a move above could see prices testing 3437.

Trading Ideas:

Crude trading range is 3317-3437.

Crude oil ended down but recovered its losses as risk appetite improved with $ weakening

Support for the crude is seen at 3348 and resistance is at 3398.

Today crude oil inventories: Exp: -1.1M Prev: -1.9M

BUY CRUDE JUNE @ 3340-3350 SL 3310 TGT 3378-3400-3426.MCX