Crude oil fell yesterday as the dollar strengthened against the euro, limiting the appeal of commodities as a currency hedge.
OPEC looks set to keep its output unchanged at its next meeting on Dec. 22. Suncor Energy said that output at its oil sands upgrader in Alberta will be cut in half after a brief fire in one of the two units on Tuesday.
Crude ended down with trading balanced between buying on an improving outlook for oil demand and selling on a stronger dollar. Now support for the crude is seen at 3349 and below could see a test of 3318. Resistance is now likely to be seen at 3414, a move above could see prices testing 3448.
Trading Ideas:
CRUDE TRADING RANGE IS 3330-3430.
CRUDE OIL FELL YESTERDAY AS THE DOLLAR STRENGTHENED AGAINST THE EURO
BUY CRUDE DEC ABV 3402 SL 3378 TGT 3424-3452-3480.
SOME SELLING PRESSURE CAN BE SEEN NEAR TO 3480 LEVEL.
OPEC LOOKS SET TO KEEP ITS OUTPUT UNCHANGED AT ITS NEXT MEETING
