Crudeoil settled down -0.18% at 6170 snapped a two-day gain to end slightly lower on Tuesday, tracking declining US equity markets and ahead of the official weekly oil report from the US EIA, and the upcoming OPEC meet in Vienna. Crude oil prices rose to its highest in more than a year Tuesday morning with investors looking ahead to the outcome of the Wednesday's OPEC meeting in Vienna. It is expected that OPEC will probably maintain its production target at 30 million barrels a day. The API, an industry group, said late Tuesday that its own data for the same week showed a 1.5 million-barrel increase in crude supplies, according to industry sources. Market expect the U.S. EIA to report that supplies fell by 1.87 million barrels in the week ended June 6. U.S. oil supplies stood at 389.5 million barrels in the week ended May 30, the lowest level in nearly two months but still near the record high of 399.4 reached in the week ended April 25. Overnight, crude futures moved lower as investors jumped to the sidelines to await the release of industry and official weekly stockpile reports. Meanwhile, wholesale inventories in the US increased much more than expected in April, partly due to some continued growth in inventories of non-durable goods. Technically market is under long liquidation as market has witnessed drop in open interest by -3.79% to settled at 10730 while prices down -11 rupee, now Crudeoil is getting support at 6147 and below same could see a test of 6123 level, And resistance is now likely to be seen at 6211, a move above could see prices testing 6251.

Trading Ideas:

Crudeoil trading range for the day is 6123-6251.

Crude oil dropped as investors jumped to the sidelines to await the release of industry and official weekly stockpile reports.

Oil exports from Libya have dropped to a trickle in recent months, removing as much as 1.4 million barrels per day (bpd) of high-quality.

Traders were looking ahead to meeting of OPEC in Vienna, amid expectations the organization will maintain its production quota at 30 million.