Crude oil ended higher extending the market rally as cold weather remained supportive. Saudi Arabia cut its official selling prices for February for light crude to customers in Asia, Saudi Aramco said.
It cut the Arab Light price for Far East refiners by 35 cents to the Oman/Dubai average minus 60 cents a barrel.
Now support for the crude is seen at 3751 and below could see a test of 3732. Resistance is now likely to be seen at 3789, a move above could see prices testing 3808.
Trading Ideas:
Crude trading range is 3710-3830.
Crude oil ended higher getting support from cold weather
Crude oil is now having support at 3740 and resistance at 3802 level
Today Crude oil inventories: Exp: -0.4M Prev: -1.5M
SELL CRUDE JAN AT 3770-3780 SL 3802 TGT 3756-3732-3710.
