Crude oil yesterday settled up by 2.8% at 5364 as support seen from the upbeat housing and consumer confidence data buoyed the outlook for demand from world's top oil user. Also support seen after rising tensions in Syria and Disputes between Russia and the West over arming warring sides in Syria dimmed prospects for peace talks that were also clouded by disarray among President Bashar al-Assad's political foes. Also US consumer confidence rose more-than-expected in May, hitting the highest level since February 2008, industry data showed on Tuesday. In a report, the Conference Board, a market research group said its index of consumer confidence rose to 76.2 in May from a reading of 69.0 in April, whose figure was revised up from 68.1. The upbeat report came after data showed that U. S. house prices rose at the fastest pace in seven years in March from a year earlier. In a report, Standard & Poor's with Case-Shiller said its house price index rose at an annualized rate of 10.9% in March from a year earlier, above expectations for a 10.2% increase. Meanwhile, market players looked ahead to a meeting of the OPEC in Vienna later this week. OPEC is forecast to keep its supply target unchanged on May 31. Technically market is under fresh buying as market has witnessed gain in open interest by 46.4% to settled at 44885 while prices up 146 rupee, now crude oil is getting support at 52653 and below same could see a test of 5166.0 level, And resistance is now likely to be seen at 54203, a move above could see prices testing 5476.

Trading Ideas:

Crude trading range for the day is 5167-5477.

Crude oil gained as sentiment improved following the release of stronger-than-expected U. S. housing and consumer confidence data.

Buoyant investor sentiment overcame pressure on prices from stronger dollar and worries about ample oil supplies and tepid global economic growth.

Crude oil inventories will release on Thursday as US market was closed on Monday on account of Memorial Day.