Crude oil rebounded as a weaker dollar and stronger equities encouraged investors to turn to riskier assets. Mexico's state oil company Pemex said it should be able to complete repairs within 14 days on a hydrotreater at its 275,000-barrels-per-day Cadereyta refinery damaged by an explosion on Tuesday. Now support for the crude is seen at 3460 and below could see a test of 3411. Resistance is now likely to be seen at 3540, a move above could see prices testing 3571.

Trading Ideas:

Crude trading range is 3411-3571.

Crude oil yesterday rebounded from lows on weaker dollar

Crude oil is taking support at 3480 and resistance at 3540 level

Today crude oil inventories: Exp: 0.7M Prev: 3.4M