Oil rose after a pipeline that carries Canadian crude to refineries in the U.S. Midwest was closed because of a leak. More than a quarter of Canadian crude oil shipments to the U.S. arrive by pipeline into the Chicago area. The Organization of Petroleum Exporting Countries will need to supply 29.2 million barrels a day in 2011 to balance world supply and demand, up from the 29.1 million barrels a day projected last month, the Paris-based IEA said. Now support for the crude is seen at 3497 and below could see a test of 3445. Resistance is now likely to be seen at 3580, a move above could see prices testing 3611.

Trading Ideas:

Crude trading range is 3445-3611.

Oil rose after pipeline that carries Canadian crude to refineries in U.S. Midwest was closed

Crude oil is taking support at 3522 and resistance at 3580 level

OPEC will need to supply 29.2 million barrels a day in 2011 to balance world supply and demand