Crude oil post sharp gains yesterday settled up by 1.12% at 4718 rebounding from an earlier decline, amid ongoing turmoil in the Middle East and as fighting in Libya continued. Earlier in the day, a U.S. Military spokesman said that a U.S. F-15 fighter jet crashed in Libya, apparently due to a mechanical failure. Both crew members were safe. Coalition forces launched a third wave of air strikes on Libya overnight in an effort to protect Libyan civilians from leader Muammar Gaddafi and his troops. Libyan state television reported that several sites in Tripoli had been subject to new attacks by what it called the "crusader enemy". Now crude is getting support at 4650 and below could see a test of 4583 level, And resistance is now likely to be seen at 4761, a move above could see prices testing 4805.

Trading Ideas:

Crude trading range is 4583-4805.

Oil rose as tensions in Middle East and Allied air strikes against targets in Libya stoked more concerns

Crude looks to test support at 4650 and resistance is seen at 4761.

Todays crude oil inventories: EXP: 2.0M PREV: 1.7M