Crude future rose as investors blew off ongoing Greek concerns and went long on the commodity on sentiment that cold weather in Europe will boost demand. Cold weather has kept Europe locked in an icy grip, and oil and its derivatives will be needed to heat homes and businesses across the continent. Weather forecasters aren't predicting a sudden, early arrival of spring either, which sent the commodity rising and bucking pressure to retreat as Greek financial fears escalated and sparked demand for dollars. Italy, meanwhile, said it would allow electricity providers to crank up oil-fueled generators to limit natural gas usage after six days of reduced supplies from Russia. Furthermore in the US, where warm weather has dominated this winter so far, cooler temperatures were due to arrive along the east coast in the coming days. Escalating tensions between Iran and the West over Tehran's nuclear ambitions coupled with deteriorating conditions in Syria further pressured oil higher.The White House recently slapped fresh sanctions on Iran and its central bank.Now technically market is trading in the range as RSI for 18days is currently indicating 31.42, where as 50DMA is at 5150.9 and crude is trading below the same and getting support at 4744 and below could see a test of 4717 level, And resistance is now likely to be seen at 4801, a move above could see prices testing 4831.

Crude trading range for the day is 4717-4831.

Crude can get support as sentiment is building strong as cold weather in Europe will boost demand.

Oil’s weakness was exasperated by renewed fears that Greece will fail to reach an acceptable deal with its private creditors.

Over the weekend, Iran restated its threat to halt oil exports prior to the European embargo on July 1.

Crude is holding with a support at 4717 and resistance will be likely at 4831.