Crude oil prices recovered by +0.34% to settle at 4678 on Saturday but posted weekly losses as a fragile global economy and uncertainty about Europe's debt crisis offset support from a better than expected US employment report. North Sea cargo delays and sensitivity to threats of disruptions to Middle East supply limited Brent crude losses and pushed Brent's premium to US crude to its highest since October 2011. The US unemployment rate unexpectedly fell to 7.8% in Sept, its lowest level since Jan 2009. The report showed nonfarm payrolls rose by 114k vs 96k added in August. The jobs snapshot added to supportive US reports on private-sector job gains and manufacturing released this week, but the numbers have not been enough to counter a more gloomy manufacturing and service-sector picture in Europe and China. Crude oil prices have received support, or have had losses limited, by fears about potential threats to supply, especially in the Middle East as the Syrian civil conflict drags on and as Iran's dispute with the West over Tehran's nuclear program persists. Turkish PM said on Friday his country was "not interested in war (with Syria), but not far from it either" following cross-border attacks this week. Now technically market is in oversold as RSI for 18days is currently indicating 29.62, and getting support at 4670 and below could see a test of 4661 level, And resistance is now likely to be seen at 4688, a move above could see prices testing 4697.

Trading Ideas:

Crude trading range for the day is 4661-4697.

Crude fell as fragile global economy and uncertainty about Euro's debt crisis countered any support from U. S. employment report

North Sea cargo delays and sensitivity to threats of disruptions to Middle East supply limited crude losses

Oil market is well supplied and that strong refined products market has been lifted by refinery and supply issues.