Crude oil fell as the dollar strengthened and on concern recent price gains outpaced demand growth in the U.S., the world’s largest energy consumer. U.S. commercial crude oil stockpiles rose 1.4 million barrels to 343 million barrels in the week to March 5 below the 1.9 million barrels rise that had been expecting.

Earlier, the Organization of the Petroleum Exporting Countries (OPEC) had given a mild boost to prices when it said it now thought the world would need 28.94 million barrels per day of its crude this year an increase of 190,000 bpd from its previous assessment. It said total world demand was likely to rise by 880,000 bpd in 2010, up from a previous estimate of 810,000 bpd. Now support for the crude is seen at 3672 and below could see a test of 3634. Resistance is now likely to be seen at 3757, a move above could see prices testing 3804.

Trading Ideas:

Crude trading range is 3634-3804.

Crude oil fell as dollar strengthened and on concern recent price gains outpaced demand growth

Support for the crude is seen at 3684 and resistance is at 3736.

U.S. crude oil stockpiles rose 1.4 million barrels to 343 million barrels in the week

SELL CRUDE MAR @ 3720-3730 SL 3756 TGT 3700-3676-3660.MCX