Crudeoil settled up 2.05% at 6181 tracking gain's on Nymex Crude while muscled back above $104 running even with its late-May highs and up about 13% this year. An OPEC meeting in Vienna later this week and market forecasts for tighter oil supplies in the U.S. this summer apparently helped bolster prices. Ministers of the Organization of OEC will gather for their semiannual meeting Wednesday to discuss production quotas. Most industry followers don't expect any change to the group's overall quota, a number raised and lowered in an effort to maintain target prices. But ongoing political struggles continue to squeeze oil exports from Libya, where anti-government factions control key export and production facilities. Exports have reportedly dropped to a trickle, about 160kbls per day. In 2011, before the country's revolution, it turned out 1.6mbpd, according to the EIA. Output had recovered to 1.4mbpd last summer. That and rising output from Iran and Iraq raised concerns during OPEC's prior confab that the group might have to trim production to balance global supply. But Libya's output tumbled early this year as protests and conflict renewed. Also Upbeat Chinese export data released over the weekend sent oil prices gaining, while Friday's solid U.S. jobs report also boosted the commodity. Data on Sunday revealed that China's crude imports fell to 6.16mbls a day in May from April's record high of 6.8mbls, but were still 9% higher on a year-over-year basis. Chinese exports gathered momentum last month on the back of stronger global demand, rising at an annualized rate of 7% after a 0.9% increase in April. China's better-than-expected numbers sent oil prices posting hefty gains. Technically market is under fresh buying and getting support at 6099 and below same could see a test of 6017 level, And resistance is now likely to be seen at 6226, a move above could see prices testing 6271.

Trading Ideas:

Crudeoil trading range for the day is 6017-6271.

Crude oil gained as strong Chinese and U.S. data pointed to healthy economic growth and higher demand for oil from the world's top two consumers.

The positive data boosted an oil market already bolstered by the loss of crude exports from Libya, where violence and civil turmoil have cut oil output.

OPEC meets in Vienna this week and is likely to keep an output target of 30 million bpd.