Crude oil ended with small gains on short covering on the weekend after prices dropped Friday, after weak U.S. jobs data.
An OPEC advisory panel agreed that the group should rise output to meet higher second-half oil demand, as delegates gave split views over a possible increase in targets at next week's meeting.
Ecuador's oil minister Wilson Pastor said on Thursday that OPEC countries may decide to increase output quotas when they meet next week if they see the global oil market as under-supplied.
Now technically market is trading in the range as RSI for 18days is currently indicating 42.92, where as 50DMA is at 4740.06 and crude is trading below the same and getting support at 4494 and below could see a test of 4485 level, And resistance is now likely to be seen at 4512, a move above could see prices testing 4521.
Trading Ideas:
Crude trading range is 4485-4521.
Crude oil ended with small gains on short covering on the weekend
Crude looks to test support at 4433 and resistance is seen at 4535.
OPEC members, said group is considering raising output ahead of group's meeting next week.
