Crude oil moved lower and settled little-bit higher recovering from the day's low of 5127 to settled at 5175, pressure seen as renewed Greek debt woes and a strong greenback weighed on demand for riskier assets. Oil's losses accelerated as Alexis Tsipras, declared that Greece's financial aid package is null and void, and called for a moratorium on Greek debt payments. Tsipras also called for an international commission to rule on whether Greece's debt is legal. Market sentiment was already on the beat down, as investors were watching political developments in Greece after the country' largest party, New Democracy, was unable to reach an agreement to form a government. Prices came under further pressure after Saudi Arabia's Oil Minister Ali al-Naimi said that his country is storing as much as 80mbls of crude to boost global supplies in response to prices that are "still a little bit high." Meanwhile, market participants were awaiting fresh weekly information on stockpiles of crude and refined products to gauge the strength of oil demand in the world's largest oil consumer. Now technically market is trading in the range as RSI for 18days is currently indicating 33.71, where as 50DMA is at 5411 and crude is trading below the same and getting support at 5136 and below could see a test of 5096 level, And resistance is now likely to be seen at
5206, a move above could see prices testing 5236.

Trading Ideas:

Crude trading range for the day is 5096-5236.

Crude moved lower as renewed Greek debt woes and a strong dolalr weighed on demand for riskier assets.

Prices came under further pressure after Ali al-Naimi said " prices are still a little bit high."

Today crude oil inventories: EXP: 2.0M PREV: 2.8M. Actual is at 8.00PM