Oil prices rose as better-than-expected employment data from the US signaled the nation's economic recovery is picking up pace, spurring hopes of improved demand for oil. The Organization of Petroleum Exporting Countries is scheduled to meet in Vienna on March 17. Saudi Arabia’s King Abdullah has targeted $75 as a fair price for consumers and producers. The desert kingdom is the world’s biggest oil exporter and the most influential member of OPEC. Now support for the crude is seen at 3721 and below could see a test of 3716. Resistance is now likely to be seen at 3730, a move above could see prices testing 3734.

Trading Ideas:

Crude trading range is 3716-3734.

Crude oil ended higher on better job reports

Support for the crude is seen at 3702 and resistance is at 3752.

The Organization of Petroleum Exporting Countries is scheduled to meet in Vienna on March 17.

BUY CRUDE MAR @ 3680-3690 SL 3665 TGT 3712-3726-3738.MCX