Crude oil prices settled lower amid signs of year-end position squaring and with concerns about the euro zone economy also helping to weigh on oil prices. Despite the large draw, oil stocks still remain well above average levels and the market's response was somewhat muted. Refiners typically run down stocks toward the end of the year as they seek to reduce inventory-related tax bills. U. S. crude imports slipped to 7.69 million barrels a day, the report showed. Now support for the crude is seen at 3983 and below could see a test of 3961. Resistance is now likely to be seen at 4030, a move above could see prices testing 4055.

Trading Ideas:

Crude trading range is 3961-4055.

Crude oil prices settled lower amid concerns about the euro zone economy

Crude looks to test support at 3984 and resistance is seen at 4030.

U. S. crude imports slipped to 7.69 million barrels a day