MUMBAI (Commodity Online): Crude Oil futures in the domestic future exchange traded marginally higher though crude oil future dipped below $ 82 a barrel in the global market Thursday.

MCX crude for March delivery is trading at Rs 3713 up Rs 2 per barrel. It may face a resistance near Rs 3718 and support around Rs 3680 levels.

U.S. light, sweet crude Oil Front Month Futures for April delivery fell 54 cents at $ 81.55 per barrel. Ministers from the Organization of the Petroleum Exporting Countries meet in Vienna on 17 March to discuss production policy.

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Crude oil April contracts on NYMEX closed yesterday at $82.09 with a gain of 0.74 percent. Yesterday economic data from Germany came negative for oil prices. DOE report showed oil inventories rising by 1.432 million barrels while Gasoline and distillate inventories declined by 2.959 million and 2.217 million barrels respectively.

US economic data in the form of jobless claims is expected to fall slightly while continuing claims are expected to remain unchanged.

The slight drop in initial jobless claims is expected to be positive for oil prices. However a continuing deficit in trade balance will weigh on US economic outlook and on oil prices as well.

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