Crude traded in the range and got support from positive German investor confidence and solid US retail sales. Adding to oil bullishness, data showed that US retail sales rose to the highest level in five months in Feb, increasing by a seasonally adjusted 1.1%. Core retail sales, which exclude auto sales, rose by 0.9% last month, above expectations for a 0.8% gain. Oil prices were higher as market sentiment improved after euro zone FM confirmed that Greece would receive formal approval for its second bailout later this week. Meanwhile, markets were awaiting fresh weekly information on US stockpiles of crude to gauge the strength of oil demand, API will release its inventories report today while report could show crude stockpiles rose by 2.0mbls last week. Losses were limited as market participants continued to monitor tensions between Iran and the West surrounding the nation’s nuclear program. The stand-off between Iran and Western countries surrounding the Islamic Republic’s nuclear program has dominated sentiment in the oil market for weeks. There are fears that an scalation of hostilities between Israel and Iran could set off a conflict across the region and send oil prices skyrocketing. Now technically market is trading in the range as RSI for 18days is currently indicating 57.79, where as 50DMA is at 5129 and crude is trading above the same and getting support at 5306 and below could see a test of 5271 level, And resistance is now likely to be seen at 5367, a move above could see prices testing 5393.

Trading Ideas:

Crude trading range for the day is 5271-5393.

Crude Oil traded higher despite a strong dollar, on positive German investor confidence and solid retail sales.

Growing tensions between Iran and Israel also remain in focus, as it could set off a conflict & oil can jump.

Today crude oil inventories: EXP: 2.2M PREV: 0.8M.Actual is at 8.00PM