Oil prices rallied as a weaker dollar prompted investors to buy riskier assets such as oil and other commodities. Oil investors also took the cue from Wall Street, which cheered upbeat U. S. data on housing and retail sales, indicating the economic recovery was getting traction and boding well for future oil demand. OPEC will probably keep its production quota unchanged when it meets on Dec. 11 in Ecuador, ministers from Angola, Venezuela and Libya said. Now support for the crude is seen at 3941 and below could see a test of 3917. Resistance is now likely to be seen at 3980, a move above could see prices testing 3995.

Trading Ideas:

Crude trading range is 3917-3995.

Oil prices rallied as a weaker dollar prompted investors to buy riskier assets

Crude looks to test support at 3940 and resistance is seen at 3995.

OPEC will probably keep its production quota unchanged when it meets on Dec. 11 in Ecuador