Crude oil prices turned positive in volatile trading on expectations that oil stockpiles fell last week and on cautious short covering ahead of the Thanksgiving holiday. Earlier, oil slumped amid fears of an escalating euro zone crisis and a North Korean attack on the South that triggered a rally in the dollar, but prices bounced when a drop to a session low near the $80 mark attracted buying interest. OPEC is unlikely to change production quotas at its December meeting in Ecuador if oil prices remain at current levels, Qatari Energy Minister Abdullah al-Attiyah said. Now support for the crude is seen at 3721 and below could see a test of 3678. Resistance is now likely to be seen at 3788, a move above could see prices testing 3812.

Trading Ideas:

Crude trading range is 3678-3812.

Crude oil prices turned positive on cautious short covering ahead of the Thanksgiving holiday

Crude looks to test support at 3736 and resistance is seen at 3788.

Today crude oil inventories: Exp: -1.9M Prev: -7.3M