Crude oil jumped and climbing to a two-day high at 4586 that is up by almost +3.10%, as escalating violence in Libya and Bahrain fuelled concerns the turmoil could spread to Saudi Arabia, the world’s largest exporter. Earlier in the day, Iran recalled its ambassador from Bahrain to protest the government’s crackdown on Shi’ite demonstrators as well as the arrest of six Shi’ite activists.  Saudi Arabia is the largest exporter among OPEC members and produces approximately 8.4 million barrels of oil a day, while Iran, the second biggest OPEC exporter, produces approximately 3.7 million barrels of oil a day. Now technically market is trading in the range as RSI for 18days is currently indicating 57, whereas 50DMA is at 4328 and crude is trading above the same and getting support at 4478 and below could see a test of 4370 level, And resistance is now likely to be seen at 4651, a move above could see prices testing 4716.

Trading Ideas:

Crude trading range is 4370-4716.

Crude oil rose as tensions escalated between Libya and foreign governments trying to forge

Crude looks to test support at 4540 and resistance is seen at 4625

Continuing conflict in Libya could mean uprisings continue or break out in other oil-producing states in Middle East.