Crude oil prices fell pressured by an industry report of rising stockpiles adding to concerns about economic growth and fuel demand.
The Energy Information Administration reported a decline of 800,000 barrels in US crude inventories in the week ended August 13, countering industry trade group API's weekly update that showed stockpiles were up by 5.9 million barrels in the week.
Now support for the crude is seen at 3457 and below could see a test of 3390. Resistance is now likely to be seen at 3570, a move above could see prices testing 3616.
Trading Ideas:
Crude trading range is 3390-3616.
Crude oil ended lower pressured by rise in crude and gasoline stocks
Crude oil is taking support at 3500 and resistance at 3556 level
The EIA reported a decline of 800,000 barrels in US crude inventories in the week
