Crude prices rose lifted by government data showing the biggest weekly drop in U.S. crude inventories in eight years, much more than the drop expected. Supportive U.S. industrial activity data also helped bolster oil prices after they earlier had been affected by U.S. euro-zone debt worries following a warning on Spain's credit rating. The stronger dollar on the heels of that warning helped limit oil's gains. The Energy Information Administration in its weekly update said US crude inventories fell by 9.9 million barrels to 346.0 million barrels in the week ended December 10.  Now support for the crude is seen at 3967 and below could see a test of 3914. Resistance is now likely to be seen at 4053, a move above could see prices testing 4086.

Trading Ideas:

Crude trading range is 3914-4086.

Crude prices rose lifted by government data showing the biggest weekly drop in inventories

Crude looks to test support at 3996 and resistance is seen at 4052.

EIA said US crude inventories fell by 9.9 million barrels to 346.0 million barrels