Crude oil ended positive attempting to consolidate recent gains while awaiting results from the year's final Federal Reserve meeting and weekly oil inventory reports. Oil prices have flirted with the $90 level over the past week. Organization of Petroleum Exporting Countries said it would maintain current production levels despite crude prices above the group's target range of $70 to $80 a barrel. OPEC is already producing above its current quotas, and ay it is unlikely more than a few members could increase production. The American Petroleum Institute, an industry group, said Tuesday that U.S. crude stockpiles fell 1.442 million barrels last week. Now support for the crude is seen at 3967 and below could see a test of 3942. Resistance is now likely to be seen at 4011, a move above could see prices testing 4030.

Trading Ideas:

Crude trading range is 3942-4030.

Crude oil ended positive attempting to consolidate recent gains while awaiting results of FOMC

Crude looks to test support at 3968 and resistance is seen at 4012.

Today crude oil inventories: Exp: -2.7M Prev: -3.8M