Crude oil on MCX settled up 0.44% at 3192 continued to rise in yesterday session extending strong gains from the previous session as support seen after a draw down in U.S. crude inventory eased concerns about a global supply glut. While crude oil prices finished with a modest loss giving up it's morning gains as rising output from the US remained a threat to efforts by other major producers to rebalance the market. Still, prices continued to find some support following data Wednesday showing the drop in U.S. crude supply in 10 weeks, as well as weaker dollar in the wake of the Fed’s less-hawkish-than-expected rate announcement.

Trading Ideas:

*Crude oil trading range for the day is 3130-3276.

*Crude gained as support seen after the remarks by the Saudi energy minister in focus as well as weekly rig count data.

*Saudi Arabia’s energy minister, who said output cuts led by the OPEC may be extended if necessary, according to Bloomberg

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