Crudeoil settled down -1.15% at 5679 as prices remained under pressure from a stronger dollar and plentiful supplies despite an escalation of tensions between Russian and Ukraine. Higher inventory at Cushing, Oklahoma, pushed the markets lower Friday after stocks in the delivery point for the U. S. oil contract fell to six-year lows this month. Last week, crude stocks at the Cushing delivery hub rose by 1.8 million barrels to 20.2 million barrels, the first time stocks there topped 20 million in a month, data from the Energy Information Administration showed on Wednesday. In Libya, oil production continued to increase after the reopening of several eastern ports. Officials have also loaded a second tanker at Es Sider, Libya's largest oil export terminal, after it was shut for a year. Export volumes from Iraq remain near record levels despite an insurgency by Islamic State militants in the north. Ukraine declared on Friday that Russia had launched a "direct invasion" of its territory after Moscow sent a convoy of trucks across the border into eastern Ukraine where pro-Russian rebels are fighting government forces. Market research group Markit said that its preliminary U. S. manufacturing purchasing managers' index increased to a four-year high of 58.0 this month from a final reading of 55.8 in July. Data also showed that U. S. existing home sales increased 2.4% to 5.15 million units last month from 5.03 million in June. Technically market is under fresh selling as market has witnessed gain in open interest by 14.51% to settled at 17177 while prices down -66 rupee, now Crudeoil is getting support at 5641 and below same could see a test of 5602 level, And resistance is now likely to be seen at 5730, a move above could see prices testing 5780.

Trading Ideas:

Crudeoil trading range for the day is 5602-5780.

Crude oil prices dropped as a strong dollar and plentiful supplies continued to pressure prices.

Crude supplies at Cushing, Oklahoma expanded by 1.76 million barrels to 20.2 million, the EIA said.

Libya's oil production, although still below the year-ago levels of about 1.4 million barrels per day (bpd), has risen to 612,000 bpd.