Crude oil settled steady on Saturday after falling on Friday as conflicting signals about the U.S. economic recovery undermined the oil market's latest try for a new 2010 high. The International Energy Agency lifted its absolute global demand estimate for 2010 from its forecast in February due to rising demand in developing countries.

IEA said global oil processing will rise by 50,000 barrels per day to 72.6 million in the second quarter compared with the January-March first quarter. Now support for the crude is seen at 3700 and below could see a test of 3695. Resistance is now likely to be seen at 3707, a move above could see prices testing 3709.

Trading Ideas:

Crude trading range is 3695-3709.
Crude oil settled steady after falling on Friday as U.S consumer sentiment unexpectedly drops
Support for the crude is seen at 3686 and resistance is at 3732.
IEA said global oil processing will rise by 50,000 barrels per day to 72.6 million

BUY CRUDE MAR @ 3680-3700 SL 3658 TGT 3726-3748-3770.MCX

Courtesy: Kedia Commodities

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