Crude oil rose rebounding after two straight lower settlements as strong manufacturing data from China and the United States revived risk appetite and countered recent concern about tepid oil demand. The encouraging economic data and weaker dollar helped offset the government's weekly inventory report that showed U.S. crude oil stocks rose more than expected last week. U.S. Energy Information Administration data showed crude oil stockpiles rose 3.43 million barrels last week. Now support for the crude is seen at 3425 and below could see a test of 3361. Resistance is now likely to be seen at 3526, a move above could see prices testing 3563.

Trading Ideas:

Crude trading range is 3361-3563.

Crude oil rose as strong manufacturing data revived risk appetite

Crude oil is taking support at 3464 and resistance at 3526 level

U.S. EIA data showed crude oil stockpiles rose 3.43 million barrels