MUMBAI (Commodity Online): Crude Oil futures continued to trade down in the domestic futures market Tuesday due to the markets are waiting OPEC results, in which it might increase the supply.

MCX crude oil March futures are down Rs 6 at Rs 3639 per barrel. The traders may sell it on rallies with target Rs 3608 and stop loss of Rs 3657.

WTI April crude oil futures fell 10 cents to $79.70 a barrel. The trading range is expected to remain tight with the counter facing resistance near $80 levels.

The outcome of an OPEC meeting that starts on Wednesday seems a done deal, with Saudi Arabia's oil minister saying on Monday that the producers' group might not need to adjust output policy this year if markets remain stable.

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Crude oil April contracts on NYMEX closed yesterday at $79.80 with a loss of -1.77 percent. Prices declined yesterday mainly on account of a stronger dollar and also weak economic data from US.TIC flows and NAHB housing market index came negative for oil prices while empire manufacturing and industrial production index came slightly above market estimates.

Data from euro zone in the form of CPI is rising which is expected to result in the weakening of the euro versus the dollar. As a result oil prices are expected to trade lower.

While current situation in Germany is improving overall economic sentiment in the Euro zone is still down as per ZEW survey. Overall the data may be slightly negative for oil prices.

Housing sector data from the US in the form of housing starts and building permits is declining which is expected to weigh on oil prices. A falling import price index also points towards a stronger dollar which is expected to keep oil prices down.

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