Crudeoil settled flat recovering from lows as traders bought contracts to cover short positions ahead of the weekend and reports of production problems at a major U. K. oilfield stoked supply concerns. Prices also got support after a poor U. S. December jobs report fanned expectations for the Federal Reserve to taper its monthly bond-buying program on a very gradual basis, which would elevate crude and other commodities by weakening the greenback. China's crude oil imports rose 13 percent in December from a year ago to a record 6.31 million barrels per day as two big refineries reopened, but growth for 2013 was sharply down as demand cooled in the world's second-biggest oil consumer. Crude demand for this year could rebound slightly as new refineries open, though growth may be capped by a lack of momentum in the broader economy. The Bureau of Labor Statistics reported earlier that the U. S. economy added 74,000 jobs in December, well below expectations for a 196,000 increase and below an upwardly revised 241,000 rise the previous month. The U. S. private sector added 87,000 jobs last month, disappointing expectations for 195,000 rise, after an upwardly increase of 226,000 in November. Reports that Russia and Iran are negotiating a swap that would let Iran lift oil exports substantially and undermine Western sanctions that persuaded Tehran to agree to a preliminary deal to curb its nuclear program drew ire from U. S. politicians. Now Crudeoil is getting support at 5658 and below same could see a test of 5613 level, And resistance is now likely to be seen at 5759, a move above could see prices testing 5815.

Trading Ideas:

Crudeoil trading range for the day is 5613-5815.

Crudeoil settled flat recovering from lows on reports of production problems at a major U. K. oilfield stoked supply concerns.

China's crude oil imports rose 13 percent in December from a year ago to a record 6.31 million barrels per day as two big refineries reopened.

Crude demand for this year could rebound slightly as new refineries open, though growth may be capped by a lack of momentum in the broader economy.