Crude Oil settled down -0.11% at 6215 in the line of expectation as Libya prepared to resume oil exports from two ports closed nearly a year, and as supply from Iraq remained unaffected by violence sweeping the Opec country. Libya's state-run National Oil Corp lifted a force majeure from the major eastern Ras Lanuf and Es Sider oil ports after rebels agreed last week to end a blockade. Investors continued to unwind positions that had priced in the possibility of major supply disruptions stemming from violence in Libya and Iraq. Libyan rebels agreed to open two of its ports for oil exports last week. The Es Sider and Ras Lanuf terminals have a capacity to export up to 560kbls of oil a day, nearly half of the country's oil exports. Ongoing indications that Iraqi oil exports from the southern part of the country remained insulated from the sectarian violence that has swept the north in recent weeks also weighed. Futures rallied to nine-month highs amid fears that an insurgency in northern Iraq would spread to the oil-rich south and disrupt the nation's oil production. Meanwhile, investors looked ahead to key economic data out of China and the U. S. later in the week to gauge the health of the global economy. China is due to release data on consumer price inflation on Wednesday, followed by a report on the trade balance on Thursday. In the U. S., the Federal Reserve is due to release the minutes of its June policy meeting on Wednesday. Upbeat nonfarm payrolls data released last week bolstered the outlook for the broader economic recovery and revived speculation over when the central bank may start to raise interest rates. Technically market is under long liquidation as market has witnessed drop in open interest by -8.66% to settled at 10643 while prices down -7 rupee, now Crude oil is getting support at 6190 and below same could see a test of 6164 level, And resistance is now likely to be seen at 6248, a move above could see prices testing 6280.

Crudeoil trading range for the day is 6164-6280.

Crude oil dropped as concerns over potential supply disruptions in the Middle East continued to subside.

Investors continued to unwind positions that had priced in the possibility of major supply disruptions stemming from violence in Libya and Iraq.

In the U. S., the Fed is due to release the minutes of its June policy meeting on Wednesday.

Investors looked ahead to key economic data out of China and the U. S. later in the week to gauge the health of the global economy.

BUY CRUDE OIL JULY @ 6180 SL 6140 TGT 6220-6270.MCX