Crude oil rose for the first time in six days on forecasts that China will boost imports and after Qatar said OPEC isn’t likely to increase production this year. The Organization of Petroleum Exporting Countries probably won’t raise output in 2010 because the market is sufficiently supplied, Qatar’s Energy Minister Abdullah bin Hamad al-Attiyah said.
China’s crude oil imports may rise 15 percent this year as the world’s second-biggest energy consumer starts building the second phase of its strategic oil reserves. Now support for the crude is seen at 3551 and below could see a test of 3521. Resistance is now likely to be seen at 3601, a move above could see prices testing 3621.
Trading Ideas:
Crude trading range is 3530-3630.
Crude oil rose yesterday on forecasts that China will boost imports
Support for the crude is at 3562 and resistance is at 3602 level.
The OPEC probably won’t raise output in 2010, news can support prices
BUY CRUDE FEB @ 3600-3610 SL 3578 TGT 3624-3645-3670.MCX
