Crudeoil settled down -0.66% at 6158 despite some encouraging economic data in the US, China and Europe, as traders kept an eye on the Ukraine crisis and Middle East tensions. New home sales in the U. S. plunged over 8 percent in June, with the steep drop offsetting the jump seen in the previous month, a Commerce Department report showed Thursday. Nonetheless, initial jobless claims in the U. S. unexpectedly dropped to their lowest level in over eight years in the week ended July 19, a Labor Department report showed Thursday. On Wednesday, crude oil futures ended higher after the official weekly report from the U. S. EIA showed a larger than expected drop of 4mbls in crude oil stockpiles last week. Worries over the situation in Ukraine where pro-Russian rebels reportedly shot down two Ukrainian fighter jets and news that a fuel tanker was hit near Tripoli airport in Libya also contributed to oil's rise. Investors preferred to book profit after recent gains, notwithstanding a better than expected reading on Chinese factory activity in July and an improvement in eurozone private sector activity. Also in focus were developments in Ukraine and the Middle East, with fierce fighting reported in eastern Ukraine between separatists and government forces. Meanwhile, the IMF lowered its 2014 global economic growth forecast to 3.4 percent against 3.7 percent in April. Nonetheless, the lender remained optimistic about 2015, maintaining its growth forecast of 4 percent. Technically market is under fresh selling as market has witnessed gain in open interest by 1.66% to settled at 8252 while prices down -41 rupee, now Crudeoil is getting support at 6131 and below same could see a test of 6105 level, And resistance is now likely to be seen at 6204, a move above could see prices testing 6251.

Trading Ideas:

Crudeoil trading range for the day is 6105-6251.

Crude oil declined as the IMF lowered its outlook for global growth, the world economy will advance 3.4% against 3.6% in 2014.

Libya's national oil production has risen to 500,000 barrels per day, but there is still no progress on reopening Brega oil port.

Conflicts in Eastern Europe and the Middle East were also keeping a floor under prices but crude supply from Iraq remains unaffected by fighting there.