Crude oil rallied nearly +3.89% to settle as tension between Syria and Turkey mounted, underpinning fears over a disruption to supplies from the region. Hopes for fresh easing measures from China also contributed to gains, overshadowing concerns over slowing global growth. Meanwhile Turkey confirmed that it was deploying at least 25 additional F-16 fighter jets to an airbase close to the border with Syria, fuelling fears the ongoing conflict in Syria could spread to other countries in the region. Tensions between the two countries have been growing since Syrian shells last week killed five people in a Turkish border village. Countries in the Middle East and North Africa were responsible for 36% of global oil production and held 52% of proved reserves in 2011. Oil's gains came despite lingering worries over the health of the global economy. The IMF cut its 2012 global growth forecast earlier in the day and warned of even slower expansion unless officials in the US and Europe address threats to their economies. The IMF said that the world economy will grow 3.3% this year, the slowest since the 2009 recession, and 3.6% next year, compared with July predictions of 3.5% in 2012 and 3.9% in 2013. Investors also remained cautious amid uncertainty over how soon Spain may formally request a bailout lingered after euro zone finance ministers said Monday that Madrid did not need external financial aid yet. Now technically market is getting support at 4762 and below could see a test of 4635 level, And resistance is now likely to be seen at 4960, a move above could see prices testing 5031.

Trading Ideas:

Crude trading range for the day is 4635-5031.

Crude oil gains as tension between Syria and Turkey mounted, underpinning fears over a disruption to supplies from region.

Hopes for fresh easing measures from China also contributed to gains, overshadowing concerns over slowing global growth.

Saudi Arabia is satisfied that oil prices have fallen to a level that does not hamper global growth, Ali al-Naimi said