Crude  settled more than 2 percent lower as government data confirmed an industry report earlier this week that domestic crude and refined product inventories rose last week. The EIA report showing refinery utilization is down to 79.9 percent of capacity is a sign of very poor refinery demand for oil. Domestic crude inventories rose 1.8 million barrels to 337.7 million barrels in the week to Nov. 6, EIA data showed. Now support for the crude is seen at 3561 and below could see a test of 3520. Resistance is now likely to be seen at 3669, a move above could see prices testing 3736.

Trading Ideas:

CRUDE TRADING RANGE IS 3540-3670.

CRUDE SETTLED MORE THAN 2 PERCENT LOWER AS INVENTORIES RISES.

BUY CRUDE NOV @ 3575-3585 SL 3560 TGT 3612-3634-3656-3675.MCX.

NOW CRUDE IS TAKING SUP AT 3582 OVERALL LOOKING FIRM.

THE EIA REPORT SHOWING REFINERY UTILIZATION IS DOWN TO 79.9 PERCENT OF CAPACITY.

CRUDE $ IS TRADING AT : 76.85$.