Crude oil settled positive on short covering on MCX Saturday after prices fell Friday as data showed a slower growth pace in the services sector of the economy, overshadowing a stronger-than-expected jobs report. US crude oil production increased 1.7 percent to 5.6 million barrels a day last week, the highest level since May 2004, the department said. Now support for the crude is seen at 3467 and below could see a test of 3462. Resistance is now likely to be seen at 3476, a move above could see prices testing 3480.

Trading Ideas:

Crude trading range is 3462-3480.

Crude oil settled positive on short covering Saturday after prices fell Friday

Crude oil is taking support at 3448 and resistance at 3498 level

U.S. crude oil production increased 1.7 percent to 5.6 million barrels