Crude jumped to a 28-month high of $100 a barrel and 4545 on MCX, as investors weighed the risk of Middle East unrest spreading from Libya to bigger exporters including Saudi Arabia. Brent, which has posted the biggest 3 day gain since October 2009, rose 5.3 percent to settle at $111.25, its highest close since before the collapse of U.S. investment bank Lehman Brothers in 2008. The standoff between an increasingly isolated Libyan strongman Muammar Gaddafi and rebel factions now in control of oil-rich eastern Libya has cut output in the world's No. 12 crude exporter by at least 25%. Weekly U.S. oil inventory data from industry group API, released late Wed, showed U.S. petroleum stocks rose 163K bls last week, this week had forecast a bigger, 1.3mbl rise. Now technically market is trading in the range as RSI for 18days is currently indicating 69.69, where as 50DMA is at 4198.28 and crude is trading above the same and getting support at 4388 and below could see a test of 4249 level, And resistance is now likely to be seen at 4605, a move above could see prices testing 4683.

Trading Ideas:

Crude trading range is 4249-4683.

Crude ended over 4500 level lifted by violent unrest and supply disruptions in Libya.

Crude oil looks to get resistance at 4560 and support is seen at 4480 level.

Today crude oil inventories: EXP: 1.1M PREV: 0.9M