Oil prices slipped after a government report showed a surprise rise in U.S. oil stocks, offsetting earlier support stemming from expectations that the Federal Reserve is prepared to pump billions of dollars into the weak economy. Crude inventories rose despite the shutdown of a major pipeline that carries Canadian crude into the United States. The Energy Information Administration in its weekly inventory report released said US crude supplies rose 1 million barrels to 358 million barrels in the week ended September 17. Now support for the crude is seen at 3384 and below could see a test of 3351. Resistance is now likely to be seen at 3465, a move above could see prices testing 3513.

Crude trading range is 3351-3513.

Oil prices slipped after a government report showed a surprise rise in U.S. oil stocks

Crude oil is taking support at 3384 and resistance at 3442 level

EIA in its weekly inventory report released crude supplies rose 1 million barrels