Crude oil ended firm ahead of an expected decision by the Federal Reserve to pump more money into the economy and after an apparent upward shift in price tolerance among oil-producing countries.
The dollar's weakness, amid expectations it will be pressured by monetary easing, also supported oil prices.
Oil prices at $100 a barrel would be more comfortable for producing nations because of higher food prices and a weaker dollar, the top oil official for OPEC member Libya said. An oil price range of $70-90 per barrel is needed to stimulate investment in unconventional oil resources.
Now support for the crude is seen at 3710 and below could see a test of 3684. Resistance is now likely to be seen at 3758, a move above could see prices testing 3780.
Trading Ideas:
Crude trading range is 3684-3780.
Crude oil ended positive due to weakness in dollar ahead of Fed meet
Crude looks to test support at 3710 and resistance is seen at 3758.
Today crude oil inventories: Exp: 1.7M Prev: 5.0M
