Crude rose on lift from a slumping dollar, an equities markets bounce and inventory data that showed crude stockpiles rose less than expected. The US Energy Information Administration in its inventory update said commercial crude oil stockpiles increased by 700,000 barrels to 361.20 million barrels in the week ended October 15. A low-pressure system in the northwestern Caribbean Sea still had a 70 percent chance of strengthening into a tropical depression over the next day or two. Now support for the crude is seen at 3622 and below could see a test of 3570. Resistance is now likely to be seen at 3705, a move above could see prices testing 3736.

Trading Ideas:

Crude trading range is 3570-3736.

Crude rose due to slumping dollar and inventory rose less than expected

Crude looks to test support at 3638 and resistance is seen at 3705.

EIA said crude oil stockpiles increased by 700,000 barrels to 361.20 million barrels