Crude oil settled down -1.39% at 6083 fell after U. S. manufacturing gauges missed market expectations and painted a picture of a still-weak U. S. economy that will demand less fuel and energy going forward than once anticipated. Crude oil prices suffered after the ISM said its widely-watch manufacturing gauge fell to a seven-month low in January, as new orders slumped. The ISM's manufacturing PMI came in at 51.3 in January, down from 57.0 in December. The report added new order growth fell at its fastest rate in 33 years, with the new orders index dropping to 51.2 from 64.4 in December. The employment index fell from 55.8 in December to 52.3, the weakest since June. Also on Monday, U. K.-based Markit reported that its U. S. manufacturing PMI came in at a three-month low of 53.7 for January, missing expectations for a 53.8 reading. Curbing losses, however, were the monetary implications of soft U. S. economic indicators. The Fed is likely to very gradually wind down its monthly bond-buying program, which weakens the dollar to spur recovery. In the oil-producing Middle East and South Africa, civil unrest continued. Libyan Prime Minister Ali Zeidan stepped up pressure on protesters blocking eastern ports on Monday, telling them he had weeks ago ordered troops to prepare to move there to end their blockade. Also syria has continued to worry markets amid concerns that the crisis there could spill across the Middle East to engulf major exporters. Technically market is getting support at 6043 and below same could see a test of 6004 level, And resistance is now likely to be seen at 6136, a move above could see prices testing 6190.

Trading Ideas:

Crudeoil trading range for the day is 6004-6190.

Crude oil dropped as weak factory data from China stoked concerns about demand growth.

Crude exports from Iraq declined in January to an average of 2.228 million bpd but should rise next month, Oil Minister Abdul Kareem Luaibi said

The potential impact of political tensions on oil supplies is expected to keep a floor under prices.