Crudeoil settled up 0.53% at 6231 as support seen from NYmex Crude oil futures which held above $100 buoyed by a weaker dollar and as frigid weather across North America lifted heating demand. Support also seen amid speculation demand from China will increase after data pointed to an improvement in Chinese credit growth. Trade volumes were expected to remain light on Monday, with Nymex floor trading remaining closed for the U.S. President’s Day holiday. Data released over the weekend showed that Chinese aggregate financing, the broadest measure of credit, rose to a record-high of CNY2.58 trillion in January. The report also showed that bank lending rose to a four-year high of CNY1.32 trillion last month, easing concerns over tightening liquidity levels. China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand. Gains were limited amid concerns that the U.S. economic recovery has lost momentum since the end of last year as inclement winter weather weighed on growth. However, later in the week energy futures pared gains as the EIA report showed bigger than expected increase in inventories in the week ended February 7. Stockpiles climbed 3.3 million barrels compared to a forecast of a 2.5mbl rise and a previous week figure of a 400,000-barrel increase. Iran and the world powers will start negotiations on Tuesday on a long-term deal. A positive outcome would be negative for oil as sanctions on Tehran would ease, allowing the OPEC producer to export more crude and add to global supply. Technically market is getting support at 6209 and below same could see a test of 6186 level, And resistance is now likely to be seen at 6256, a move above could see prices testing 6280.

Trading Ideas:

Crudeoil trading range for the day is 6186-6280.

Crude oil seen steady supported by a weak dollar, supply disruptions and a severe winter across North America that has boosted heating demand.

Disappointing U.S. figures last week revived worries about demand from the world's top oil consumer.

Further gains in crude oil prices may be limited as refineries take plants down for maintenance.