Crude oil pared its gains as the dollar strengthened and a surprise drop in US existing home sales added to the recently renewed concerns over the nation's economic growth, prompting profit booking from a six-week high. However, expectations for a weekly decline in US crude inventories helped prevent a steeper fall. OPEC does not need to hold a meeting before its scheduled conference in October, Shokri Ghanem, chairman of Libya's National Oil Corporation said Now support for the crude is seen at 3583 and below could see a test of 3554. Resistance is now likely to be seen at 3639, a move above could see prices testing 3666.

Trading Ideas:

Crude trading range is 3554-3666.

Crude oil pared its gains as the dollar strengthened and drop in US existing home sales

Crude oil is taking support at 3584 and resistance at 3638 level

Today crude oil inventories: Exp: -1.2M Prev: 1.7M

SELL CRUDE JULY BELOW 3600 SL 3632 TGT 3286-3270-3252. MCX