Crude oil settled up 4560 after official data showed that U.S. crude oil inventories rose less-than-expected last week. It earlier rose to USD103.33 a barrel on MCX 4707 in March month, the highest price since September 29, 2008. Earlier in the day, the U.S. EIA said in its weekly report that U.S. crude oil inventories rose less-than-expected in the week ended February 18, increasing by 0.8 mln bls, after jumping by 0.9 mln bls in the preceding week. According to the data, total U.S. crude oil inventories for the week ending February 18 stood at 346.7 million barrels, remaining above the upper limit of the average range for this time of year. Now technically market is trading in the range as RSI for 18days is currently indicating 70.2, where as 50DMA is at 4205.66 and crude is trading above the same and getting support at 4454 and below could see a test of 4355 level, And resistance is now likely to be seen at 4679, a move above could see prices testing 4805.

Trading Ideas:

Crude trading range is 4355-4805.

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Crude oil looks to get resistance at 4580 and support is seen at 4520 level.

Crude inventories rose 822,000 barrels last week, EIA data showed.