MUMBAI (Commodity Online): Crude Oil prices are seen dragging in the domestic futures market in line with global prices Thursday following the rebound of US dollar.

MCX crude for April delivery is also trading flat in a range of less than Rs 10. It was last seen quoted at Rs 3761 up Rs 1. The traders may watch for a resistance near Rs 3775 levels.

NYMEX sweet oil futures are trading down 0.54 at $ 82.39 per ounce. It surged to as high as $ 82.85 earlier today.

The commodity had rallied yesterday after OPEC kept the production quotas unchanged citing the comfortable price levels. OPEC officials met and agreed to keep their production quotas unchanged, as expected. From their point of view, current oil prices are favorable so they don't seem too concerned about members that are exceeding their quotas.

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Crude oil April contracts on NYMEX closed yesterday at $82.93 with a gain of 2.38 percent. DOE report yesterday showed oil inventories building up by 1.012 million barrels while Gasoline and distillate inventories declined by 1.71 million barrels and 1.491 million barrels respectively.

Economic data from euro zone in the form of trade balance is expected to show a lower surplus compared to prior and may have slightly negative impact on prices. From the US consumer price index is rising which is expected to indicate inflationary pressures and support prices to trade higher.

All other data from US in the form of jobless claims, leading indicator index and Philadelphia manufacturing index are expected to come positive for prices.

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