Crude oil slumped amid jitters over global economic recovery, which triggered a broad sell-off in assets. The Energy Information Administration in its weekly report said US commercial crude oil stocks fell by 3 million barrels to 355 million barrels in the week ended August 6. Global demand for oil will exceed earlier estimates, even as the economic recovery slows next year, according to the International Energy Agency. Now support for the crude is seen at 3659 and below could see a test of 3635. Resistance is now likely to be seen at 3715, a move above could see prices testing 3747.

Trading Ideas:

Crude trading range is 3635-3747.

Crude oil slumped amid jitters over global economic recovery

Crude oil is taking support at 3660 and resistance at 3715 level

EIA in its weekly report said crude oil stocks fell by 3 million barrels to 355 million barrels