Crude Oil remained traded in the range and settled at 56096 down by -0.22% with investors shifting their attention to Chinese inflation data for clues on the outlook for demand in the world's second largest economy. Earlier in yesterday we have seen support in crudeoil as Bank of Japan kicked off its massive monetary easing program as part of a broader policy to prioritize economic growth over keeping inflation in a tight range. The Bank of Japan conducted its first government bond purchasing operation early Monday when it bought JPY1.2 trillion in Japanese government debt maturing in five years or more. The move forms part of the Bank of Japan's plan to double its asset purchase program over the next two years and extend the maturities of the bonds it purchases as part of a strategy to hit a 2% inflation target. Investors in energy markets applauded the move, though US jobs data released late last week capped the growth-sensitive commodity's gains. The US Bureau of Labor Statistics reported Friday that the economy added 88,000 nonfarm payrolls in March, way below expectations for a gain of 200,000 and below the 268,000 jobs added in February. The private sector added 95,000 jobs last month, after an increase of 254,000 in February, missing expectations for a 209,000 rise. Now technically market is trading in the range as RSI for 18days is currently indicating 45.01, where as 50DMA is at 5155 and crude is trading below the same and getting support at 5066 and below could see a test of 5035 level, And resistance is now likely to be seen at 5126, a move above could see prices testing 5155.

Trading Ideas:

Crude trading range for the day is 5035-5155.

Crude dropped amid concerns over the global economic outlook and the impact on future oil demand prospects.

Fears remain about the potential for global supply disruption due to the festering dispute over Iran's nuclear programme.

Oil prices were supported by news that North Korea suspended its sole remaining major project with the South on Monday