Crude oil settled higher ending a string of nine straight losing sessions as the market awaited weekly oil inventory reports expected to show crude stockpiles fell last week. OPEC responsible for about 40 percent of global oil supply raised the estimate for the amount of crude its members will have to pump next year as consumption recovers. OPEC members bound by quotas raised oil production to the highest this year as Nigeria restored output, the organization said . Now support for the crude is seen at 3253 and below could see a test of 3210. Resistance is now likely to be seen at 3329, a move above could see prices testing 3362.

Trading Ideas:

CRUDE TRADING RANGE IS 3220-3360.

CRUDE OIL SETTLED HIGHER AS MARKET AWAITED INVENTORY TO FELL

BUY CRUDE ABV DEC 3300 SL 3268 TGT 3322-3340-3370-3405.MCX

SUPPORT FOR THE CRUDE IS AT 3276 AND RESIST IS AT 3322.

TODAY CRUDE OIL INVENTORIES: EXP: -2.1M PREV: -3.8M