Crudeoil yesterday settled down by -0.58% at 5160 as rising U. S. gasoline stocks weighed on sentiment, but prices were buoyed as talks between the United Nations' nuclear agency and Iran stalled. The UN nuclear agency failed to persuade Iran on Wednesday to let it resume an investigation into suspected atomic bomb research, leaving the high-stakes diplomacy in deadlock and reviving concerns about supply from the Middle East. Meanwhile the U. S. EIA said in its weekly oil and gasoline stockpile data earlier that crude oil stocks fell by 624,000 barrels last week, more than market calls for a decline of 330,000 barrels, suggesting greater demand than anticipated. Total gasoline inventories rose by 2.59mbls, defying market calls for a decrease of 780,000. Pressure mounted after a slew of disappointing economic indicators in Europe and the U. S. dampened spirits and fanned concerns the global economy continues to battle headwinds and will demand less fuels and energy as a result. Government data released earlier revealed that U. S. industrial production fell more than expected in April, contracting 0.5% after expanding a revised 0.3% in March. Also Europe saw its share of disappointing indicators as well. Preliminary data showed that eurozone's gross domestic product contracted 0.2% in the first quarter, more than market calls for a 0.1% contraction though an improvement from a 0.6% decline in the previous quarter. Germany's GDP rose less than expected in the first quarter, expanding 0.1% after a 0.7% decline in the previous quarter. Technically market is getting support at 5087. and below same could see a test of 5014. level, And resistance is now likely to be seen at 5209., a move above could see prices testing 5258.

Trading Ideas:

Crude trading range for the day is 5015-5259.

Crude oil dropped after a slew of disappointing economic indicators in Europe and the U. S. dampened spirits

Data showing euro zone was in its longest recession ever and an increase in U. S. refined products inventories had sparked an early selloff.

U. S. EIA said in its weekly oil and gasoline stockpile data earlier that crude oil stocks fell by 624,000 barrels last week