Crudeoil settled up 0.6% at 6011 ahead of the official crude supply data due later in the week, with investors cautious while continuing to monitor developments in the ongoing geopolitical tensions in Ukraine, Iraq and Gaza. Concerns over Ukraine eased a bit last after news reports indicated Russia to have concluded its military exercises along the border with eastern Ukraine, sending back its troops to their respective bases permanently. With pro- Russian militants' offering a ceasefire, tensions eased somewhat though the Ukrainian forces intensifying their attack on rebels positions could not be ruled out. Meanwhile, a fresh three-day truce is on in Gaza with the concerned parties agreeing to have talks in Cairo over a possible resolution to the conflict. On Friday, crude oil futures ended higher amid concerns over possible supply disruptions from the Middle East and on escalating tensions in Ukraine and Iraq. On the geopolitical front, Iraq's president named a new prime minister to end Nuri al-Maliki's eight-year rule on Monday, but the veteran leader refused to go after deploying militias and special forces on the streets, creating a dangerous political showdown in Baghdad. Now investors will be looking ahead to some Fed speeches and data on U. S. retail sales and consumer sentiment during this week. The U. S. Commerce Department's data on business inventories, data on import and export prices from the Labor Department are due. Also due this week are the Federal Reserve's industrial production report for July, the results of NY Fed's manufacturing survey and weekly jobless claims data. Technically market is under short covering and getting support at 5978 and below same could see a test of 5946 level, And resistance is now likely to be seen at 6038, a move above could see prices testing 6066.

Trading Ideas:

Crudeoil trading range for the day is 5946-6066.

Crude oil edged up on an expectation of further draws in U. S. crude inventory.

Meanwhile, expectations of a draw in U. S. oil stocks supported the higher U. S. crude prices.

U. S. oil production from the country's fastest-growing shale plays is set to rise by some 89,000 bpd to 4.37 million bpd in September from a month earlier