Crude oil ended higher amid cautious hopes about global economic recovery. Oil market fundamentals remain positive with demand for crude barrels intensifying as refiners ramp up throughput to meet peak summer demand. China imported a record amount of crude oil in June probably in order to take advantage of a plunge in international crude oil prices since early May that was triggered by Greece's sovereign debt woes and concerns over global economic recovery. Now support for the crude is seen at 3540 and below could see a test of 3524. Resistance is now likely to be seen at 3566, a move above could see prices testing 3576.

Trading Ideas:

Crude trading range is 3519-3571.

Crude oil ended higher amid cautious hopes about global economic recovery

Crude oil is taking support at 3522 and resistance at 3584 level

China imported a record amount of crude oil in June

SELL CRUDE JULY @ 3570 SL 3592 TGT 3545-3525-3505.MCX