Crude oil ended higher as a slumping dollar due to a surprise easing by the Bank of Japan prompted buying of oil and a broad array of other commodities. A prolonged dock strike at a key French port that threatened to affect U. S. imports of European gasoline also supported the day's rise in crude prices. The American Petroleum Institute reports its weekly crude inventories data later, while the official government report comes out. A decline of more than 1 million barrels is expected. Now support for the crude is seen at 3663 and below could see a test of 3631. Resistance is now likely to be seen at 3714, a move above could see prices testing 3733.

Trading Ideas:

Crude trading range is 3631-3733.

Crude oil ended higher on slumping dollar due to a surprise easing by Bank of Japan

Crude looks to test support at 3663 and resistance is seen at 3714.

Today crude oil inventories: Exp: 1.1M Prev: -0.5M