Crude fell on news that Saudi Arabia was offering more oil to Asian refiners and on a report it would jack up daily production in July.
The Saudi kingdom's plan to raise output to 10 million barrels per day, from 8.8 million bpd in May, was reported by the Saudi newspaper al-Hayat.
OPEC said, in a monthly forecast, that world demand for its oil would average 30.7 million barrels per day in the second half of the year, much higher than the 28.97 million bpd the 12-member group produced in May.
The estimate suggests the world will be undersupplied this year by 1.73 million bpd. Now technically market is trading in the range as RSI for 18days is currently indicating 42.07, where as 50DMA is at 4678.1 and crude is trading below the same and getting support at 4425 and below could see a test of 4418 level, And resistance is now likely to be seen at 4442, a move above could see prices testing 4452.
