Crude oil prices settled lower as the dollar strengthened and equities eased amid lowered expectations about economic stimulus that may be forthcoming from the Federal Reserve. The U.S. Energy Information Administration on Wednesday reported domestic commercial crude oil stocks rose 5 million barrels in the week to Oct. 22. Nigeria will export more crude oil in December, pushing its sales well over 2.1 million barrels per day and far above its OPEC output target. Now support for the crude is seen at 3631 and below could see a test of 3599. Resistance is now likely to be seen at 3695, a move above could see prices testing 3727.

Trading Ideas:

Crude trading range is 3599-3727.

Crude oil prices settled lower as the dollar strengthened and equities eased

Crude looks to test support at 3632 and resistance is seen at 3695.

EIA reported crude oil stocks rose 5 million barrels in the week to Oct. 22