Crudeoil settled up 0.19% at 6222 as losses were tempered by economic data pointing to a stronger demand outlook. However pressure seen on prices on weekly basis on the prospect of revived Libyan exports and more U. S. crude soon finding its way to refiners. In the United States, the near-completion of the Seaway pipeline means an extra 450,000 barrels per day (bpd) of shale oil will soon be sent to U. S. Gulf Coast refiners, further reducing their need of foreign oil.

The reopening of Libya's eastern Es Sider and Ras Lanuf terminals will add around 500,000 bpd of oil exports to markets after the end of a deadlock with local leaders that had cut exports from the OPEC member to a trickle. The prospect of rising Iranian exports should sanctions ease remained a factor for oil markets, with investors sensitive to signs of progress in talks to end a dispute over Tehran's nuclear program. On the demand front, data on Thursday showed U. S. employment growth jumped in June and the jobless rate closed in on a six-year low, evidence the economy was growing briskly heading into the second half of the year. Investors were still nervous about the unfolding crisis in OPEC's second-largest producer, Iraq.

The signs of growth from the United States closely followed data from China that showed factory activity there hit multimonth highs in June, adding to sentiment that demand for oil would remain solid. Technically market is under short covering as market has witnessed drop in open interest by -6.8% to settled at 11652 while prices up 12 rupee, now Crudeoil is getting support at 6206 and below same could see a test of 6191 level, And resistance is now likely to be seen at 6235, a move above could see prices testing 6249.

Crudeoil trading range for the day is 6191-6249.

Crude oil traded in the range as losses were tempered by economic data pointing to a stronger demand outlook.

However pressure seen on prices on weekly basis on the prospect of revived Libyan exports and more U. S. crude soon finding its way to refiners.

Investors were still nervous about the unfolding crisis in OPEC's second-largest producer, Iraq.

The reopening of Libya's eastern Es Sider and Ras Lanuf terminals will add around 500,000 bpd of oil exports to markets.

SELL CRUDE OIL JULY @ 6260 SL 6300 TGT 6218-6180. MCX