MUMBAI (Commodity Online): Prevalent bearish sentiments in the global market due to higher US inventories weighed pressure over domestic Crude Oil futures Friday. MCX crude oil futures traded down today.

MCX crude oil August contract quoted at Rs 3,642 a barrel. Forward September and October contracts offered at Rs 3,675 and Rs 3,709. August crude oil at New York Mercantile Exchange (NYMEX) traded at USD 78.13 a barrel.

Crude oil prices bounced back strongly from lows, aided by a weaker greenback and data that revealed a decline in initial jobless claims in the US.U.S imports rose 1.18 million barrels a day, or 12 percent, to 11.2 million, the highest level since Aug. 25, 2006.

The Organization of Petroleum Exporting Countries’ oil output increased for the third time in four months in July, led by gains in Iraq, the one member not subject to a quota.

Now support for the crude is seen at 3598 and below could see a test of 3543. Resistance is now likely to be seen at 3691, a move above could see prices testing 3729.

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