Oil prices soared beyond Rs.3500 per barrel after US central bank chief Ben Bernanke managed to soothe growth concerns in the world's largest oil consuming nation. OPEC will reduce crude shipments by 0.3 percent to the middle of next month as refiners cut imports while they conduct maintenance. OPEC, which supplies about 40 percent of the world’s crude oil, will ship 23.38 million barrels a day in the four weeks to Sept. 11, down from 23.45 million in the month to Aug. 14. Now support for the crude is seen at 3529 and below could see a test of 3507. Resistance is now likely to be seen at 3564, a move above could see prices testing 3577.

Trading Ideas:

Crude trading range is 3507-3577.

Oil prices soared beyond Rs.3500 per barrel after Ben Bernanke comments

Crude oil is taking support at 3529 and resistance at 3577 level

OPEC will ship 23.38 million barrels a day in the four weeks to Sept. 11