Oil prices ended positive amid uncertainty over demand outlook, as traders were caught in a trade-off between Chinese policy-tightening fears and OPEC's upward revision of oil demand growth forecast. Positive trade data from the US provided a floor to the prices. The Organization of the Petroleum Exporting Countries had raised its expectation for oil demand growth in 2010 to 880,000 barrels per day from the previous estimate of 810,000 barrels per day.Now support for the crude is seen at 3712 and below could see a test of 3685. Resistance is now likely to be seen at 3762, a move above could see prices testing 3785.

Trading Ideas:

Crude trading range is 3685-3785.

Oil prices ended positive due to uncertainty over demand outlook

Support for the crude is seen at 3716 and resistance is at 3768.

The OPEC had raised its expectation for oil demand growth in 2010 to 880,000 barrels per day

SELL CRUDE MAR @ 3750-3760 SL 3782 TGT 3736-3716-3690-3672.MCX