Oil prices ended flat recovering all of its losses driven by an improving picture of the US economy as indicated by a recent string of encouraging data. Strong demand outlook for heating oil, following forecasts of below-normal temperatures in the US Northeast and cold weather across Europe, further supported oil prices. Oil imports by South Korea, the world's fifth-largest crude buyer, jumped 31 percent in November from a year ago for the seventh straight monthly gain thanks to a recovering economy and healthy refining margins. Now support for the crude is seen at 4030 and below could see a test of 4001. Resistance is now likely to be seen at 4080, a move above could see prices testing 4101.

Trading Ideas:

Crude trading range is 4001-4101.

Oil prices ended flat recovering all of its losses driven by an improving picture of the US economy

Crude looks to test support at 4030 and resistance is seen at 4080.

Oil imports by South Korea, jumped 31 percent in November from a year ago