Crude oil ended steady as the dollar surged on an unexpected drop in the U.S. unemployment rate, curbing the appeal of commodities to investors.
The Organization of Petroleum Exporting Countries will review production targets at a meeting in Angola on Dec. 22. OPEC members have for months complained about an oversupplied market and pledged to better-enforce adherence to production cuts agreed to last year, though compliance has gradually slipped to between 60% and 70% recently.
Now support for the crude is seen at 3523 and below could see a test of 3514. Resistance is now likely to be seen at 3538, a move above could see prices testing 3544.
Trading Ideas:
CRUDE TRADING RANGE IS 3480-3580.
CRUDE OIL ENDED STEADY AS THE DOLLAR SURGED ON AN UNEXPECTED DROP IN UNEMPLOYMENT RATE
SELL CRUDE DEC 3530-3540 SL 3558 TGT 3512-3496-3470.
OVERALL FOR THIS MONTH CRUDE LOOK TO HOLD ABV 73.50$ AND A BREAK ABV 77$ WILL GET 80$.
SUPPORT FOR THE CRUDE IS AT 3502 AND RESISTANCE AT 3551
