Crude Oil ended with gains supported by a raft of strong economic data from top oil consumer the United States that also boosted U.S. equities, even as the dollar hit a multi-year high. The data rekindled hopes that the U.S. economy continues to recover and will demand more fuels and energy going forward. Oil inventories fell slightly, but remain just shy of the highest levels ever recorded in EIA data since 1981. Germany, the region's largest economy, narrowly dodged falling into recession thanks to a rise in consumption. The market outlook was weakened after the IEA said in a report that rising U.S. shale oil production will help to meet most of the world's new demand in the next five years, with OPEC spare capacity set to rise. The API reported crude inventories rose by 1.1 million barrels in the week to May 10, led by a more than 750,000 barrel gain in Midwest stockpiles. Crude stockpiles at the Cushing, Oklahoma hub for the U.S. oil futures contract rose by more than 540,000 barrels for the week. The Thomson Reuters/University of Michigan's preliminary consumer sentiment index rose to 83.7 in May from 76.4 in April, surging past expectations for a rise to 78.0. Philadelphia Fed President Charles Plosser, a known inflation hawk, added separately that the Fed should consider scaling back the program next month. Now technically market is trading in the range as RSI for 18days is currently indicating 60.42, where as 50DMA is at 5109.9 and crude is trading above the same and getting support at 5293 and below could see a test of 5285 level, And resistance is now likely to be seen at 5308, a move above could see prices testing 5315.

Trading Ideas:

Crude trading range for the day is 5285-5315.

Crude oil gained supported by a raft of strong economic data from top oil consumer the US that also boosted U.S. equities

A rally in refined products such as gasoil, a bomb attack closing an Iraqi export pipeline and steadier European equities lent support.

Oil inventories fell slightly, but remain just shy of the highest levels ever recorded in EIA data since 1981.