Crude oil prices bounced higher rebounding as expectations for firmer demand going forward offset concerns about euro zone debt and Chinese interest rate hikes that helped pressure oil prices. Global oil demand will climb by 2.3 million barrels a day to 87.3 million this year, the Paris-based International Energy Agency said in a report last week. That’s up 200,000 barrels from the projection in October. Chinese consumption will climb 800,000 barrels a day to 9.2 million in 2010, the report showed. Now support for the crude is seen at 3824 and below could see a test of 3795. Resistance is now likely to be seen at 3881, a move above could see prices testing 3909.

Trading Ideas:

Crude trading range is 3795-3909.

Crude oil prices settled positive as expectations for firmer demand offsets concerns about euro zone debt

Crude looks to test support at 3824 and resistance is seen at 3880.

Global oil demand will climb by 2.3 million barrels a day to 87.3 million this year