Oil prices ended lower weighed down by data revealing a bigger-than-expected rise in crude inventories, a downward revision to global oil demand forecast and moderate strength in the greenback. The Energy Information Administration in its weekly inventory report said US crude stockpiles rose 1.95 million barrels in the week ended May 7. Tuesday, industry group American Petroleum Institute reported a 362,000 barrel rise in crude inventories. Now support for the crude is seen at 3354 and below could see a test of 3319. Resistance is now likely to be seen at 3449, a move above could see prices testing 3509.

Trading Ideas:

Crude trading range is 3319-3509.

Oil settled lower as inventories rise more than expected

Support for the crude is seen at 3372 and resistance is at 3418.

The EIA in its inventory report said US crude stockpiles rose 1.95 million barrels

BUY CRUDE JUNE @ 3610-3515 SL 3580 TGT 3635-3654-3670.MCX