COM: Crude prices fails to reflect its high demand
Crude oil ended lower as forecasters called for milder U.S. weather ahead, after the recent freeze.
China ended 2009 with record monthly imports of crude oil. Imports averaged more than 5 million barrels per day for a month for the first time in December.
Iran aims to increase oil output to 5.1 million bpd by 2015 under a five-year national development plan submitted to parliament, Iran's Oil Ministry said.
Now support for the crude is seen at 3717 and below could see a test of 3691. Resistance is now likely to be seen at 3789, a move above could see prices testing 3835.
Trading Ideas:
Crude trading range is 3680-3780.
Crude oil ended lower as forecasters called for milder U.S. weather ahead
Crude oil as per expectation jumped above 3800 mark but failed to sustain the same
Iran aims to increase oil output to 5.1 million bpd by 2015
SELL CRUDE JAN AT 3740-3750 SL 3772 TGT 3728-3710-3692.
BUY CRUDE JAN AT 3725-3745 SL 3700 TGT 3770-3798-3826.
