Oil prices recovered notably from day's low after official data revealed a bigger-than-expected drop in US crude inventories. U. S. crude oil stocks fell more than expected, by 3.82 million barrels, according to the U. S. Energy Information Administration, refined products stocks rose sharply. OPEC appears unlikely to raise oil supply limits to cap an oil price rally when it meets in Ecuador on Saturday, with ministers insisting world economic growth can hold up with crude at $90 a barrel. Now support for the crude is seen at 3970 and below could see a test of 3932. Resistance is now likely to be seen at 4034, a move above could see prices testing 4060.

Trading Ideas:

Crude trading range is 3932-4060.

Oil prices ended positive after official data revealed a bigger-than-expected drop in inventories

Crude looks to test support at 3970 and resistance is seen at 4034.

U. S. crude oil stocks fell more than expected, by 3.82 million barrels - EIA