Crude oil prices fell as a stronger dollar and data showing crude oil imports by China in July slowed combined to pressure oil. China's crude oil imports fell 3.2 percent in July from a year ago, in the first decline in 16 months as refiners drew on hefty inventories after earlier record purchases. U.S. crude inventories likely fell 1.9 million barrels in the week to Aug. 6. Now support for the crude is seen at 3687 and below could see a test of 3657. Resistance is now likely to be seen at 3752, a move above could see prices testing 3787.

Trading Ideas:

Crude trading range is 3657-3787.

Crude oil prices fell due to fall in Chinese demand

Crude oil is taking support at 3696 and resistance at 3738 level

Today crude oil inventories: Exp: -1.9M Prev: -2.8M