Crude oil fell for a second day as traders squared books ahead of weekly inventory data forecast to show a further rise in crude inventories. Powerful Hurricane Earl churned toward the eastern U.S. seaboard and took aim to sideswipe the densely populated coast from North Carolina to New England, government forecasters said. Earl posed no threat to major U.S. oil and gas installations in the Gulf of Mexico. Now support for the crude is seen at 3404 and below could see a test of 3360. Resistance is now likely to be seen at 3510, a move above could see prices testing 3572.

Trading Ideas:

Crude trading range is 3360-3572.

Crude oil fell as traders squared books ahead of weekly inventory data

Crude oil is taking support at 3418 and resistance at 3470 level

Today crude oil inventories: Exp: 1.3M Prev: 4.1M