Crude oil rose as cold weather was seen boosting heating demand, Russia and Belarus feuded over oil pricing and signs of manufacturing strength fed hopes for more energy demand.

Global oil consumption will average 85.22 million barrels a day this year, the Energy Department said in its monthly Short- Term Energy Outlook on Dec. 8. That is down 1.1 p.c. from a record 86.14 n barrels a day in 2007.

Crude oil for far-month March contract rose by Rs 20, or 0.52 per cent, to Rs 3,845 per barrel with an open interest of 190 lots.

The oil for delivery in January also edged up by Rs 16, or 0.42 per cent, to Rs 3,782 per barrel in 13,364 lots.

Marketmen said increased buying activity on firming global trend mainly led to rise in crude oil futures prices.

Now support for the crude is seen at 3731 and below could see a test of 3697. Resistance is now likely to be seen at 3789, a move above could see prices testing 3813.

Trading Tips:

Crude trading range is 3700-3820.
Crude oil rose as cold weather was seen boosting heating demand
Crude oil is now having support at 3740 and resistance at 3802 level
Global oil consumption will average 85.22 million barrels a day this year

BUY CRUDE JAN AT 3750-3765
SL 3732
TGT 3778-3790-3805-3835.

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