Commodity Trading Tips for Crude Oil by KediaCommodity

Crude-OilCrude Oil prices rose and settled up by +1.03% at 5196 on concerns conflict in Syria may escalate and increase unease in Middle Eastern countries. Israeli air attacks in Syria designed to take out access to weapons for Hezbollah rattled nerves on Monday and sent prices climbing, especially amid reports that air strikes hit a military research center outside of Damascus. Talk that the chemical weapons are being used in the country's internal conflict also pushed up prices, as did lingering optimism from Friday's April jobs report. Meanwhile in the week to April 30, hedge funds and other large speculators increased bets on higher Crude prices, upping their net long positions by 9,614 contracts to 108,741, according to data from the IntercontinentalExchange. Crude supply from Saudi Arabia, the region's top exporter, to its domestic and export markets rose slightly in April to 9.2 million barrels per day, from 9.15 million bpd supplied in March, an industry source said on Monday. While US commercial crude oil stockpiles were forecast to have risen by 1.8 million barrels last week after hitting a record high is expected as per market source, while ahead of the release of data from API later on Tuesday. Also support seen on the expectation that China’s exports probably rose 9.1 percent in April from a year earlier, compared with 10 percent in March, according to a Bloomberg before data from the customs administration. Imports probably increased 13 percent, compared with 14.1 percent the prior month, the survey showed. Now technically market is getting support at 5151 and below could see a test of 5105 level, And resistance is now likely to be seen at 5232, a move above could see prices testing 5267.

Trading Ideas:

Crude trading range for the day is 5105-5267.

Crude oil rose as investors worried whether Israeli air strikes on Syria would lead to a disruption of oil supplies in the Middle East.

Saudi crude supply to the domestic and export markets in April was around 9.2 million bpd, up from 9.15 million bpd supplied in March.

U.S. commercial crude oil stockpiles were forecast to have risen by 1.8 million barrels last week after hitting a record high