Crude Oil settled down -0.79% at 5813 in quiet trade on Monday, as investors digested a mixed batch of Chinese economic data. Crude slipped below $94 a barrel as supply worries eased after world powers and Iran took another step to end a decade-long dispute over Tehran's nuclear programme. The US and EU both suspended some trade and other restrictions against the OPEC member after the UN's nuclear watchdog confirmed that Iran had fulfilled its side of an agreement made on Nov. 24. Trade was expected to remain subdued as floor trading on the Nymex was to remain closed for the Martin Luther King Jr. holiday. Official data released earlier showed that China’s economy expanded at an annual rate of 7.7% in the fourth quarter, down from 7.8% in the three months to September. A separate report showed that industrial production in China rose by an annualized rate of 9.7% in December, compared to expectations for a 9.8% increase, after a 10% gain in the previous month. China’s oil consumption in 2013 experienced the slowest rise in five years, data showed on Monday, because of easing economic growth but the pace is expected to accelerate this year as new refineries start up. Implied oil demand in the world’s second-largest user rose 1.6% last year. This week it looks like traders will take a breather from equities and currencies as the commodity market, in particular the energy sector. Technically market is getting support at 5796 and below same could see a test of 5779 level, And resistance is now likely to be seen at 5834, a move above could see prices testing 5855.

Trading Ideas:

Crudeoil trading range for the day is 5779-5855.

Crude oil dropped weighed by data showing China's oil demand growth slowed further in 2013.

China's oil consumption in 2013 experienced the slowest rise in five years, data showed, because of easing economic growth.

Top oil exporter Saudi Arabia welcomes the surge in U.S. shale oil production for its stabilizing effect on crude prices, Saudi oil minister Ali al-Naimi quoted