Crude oil rose fueled by a rally in gasoline and heating oil prices and geopolitical risks. OPEC supplies of crude oil in November fell as damage to a pipeline disrupted Nigerian exports and as several other oil producers trimmed deliveries. Supply from the 11 OPEC members with output targets, all except Iraq, averaged 26.70 million barrels per day in November, down from 26.79 million bpd in October, according to the survey of oil companies. Now support for the crude is seen at 3887 and below could see a test of 3837. Resistance is now likely to be seen at 3965, a move above could see prices testing 3993.

Trading Ideas:

Crude trading range is 3837-3993.

Crude oil rose fueled by a rally in gasoline and heating oil prices

Crude looks to test support at 3900 and resistance is seen at 3965.

OPEC supplies of crude oil in November fell as damage to a pipeline disrupted Nigerian exports