Crudeoil settled up 0.26% at 5698 snapped a two-day loss to end higher ahead of the official weekly crude oil report on concerns over the escalating geopolitical tensions in the Middle East and Ukraine. Some strong data out the U.S. also contributed to crude oil's uptick, although worries of global supply outweighing demand remained. The U.S. EIA is scheduled to report its weekly crude inventory data later today. Yesterday Crude inventories fell by 1.3mbls in the week to 361.5 million. While Crude stocks at the Cushing, Oklahoma, delivery hub rose by 265kbls, API said. Investors continued to keep a close watch on developments in Ukraine and the Middle East, with focus on the meeting between Ukrainian President and Russian President at a summit in Minsk in Belarus. Meanwhile, news reports say Ukrainian forces have captured some Russian soldiers near the Donetsk region. In the Gaza Strip, Israel has stepped up pressure on Hamas, bombing two high-rise structures in the city. Worries about a likely drop in Chinese demand for oil due to economic slowdown and the resumption of oil shipments from Libyan ports also limited crude oil's uptick. In economic news from the U.S., a report from the Labor Department showed durable goods orders to have surged up by a much better than expected 22.6 percent in July. Meanwhile, a report released by the Conference Board showed consumer confidence in the U.S. to have improved for the fourth consecutive month in August, with the index jumping to 92.4, the highest level since October 2007, from a revised 90.3 in July. Technically market is under short covering and getting support at 5675 and below same could see a test of 5653 level, And resistance is now likely to be seen at 5724, a move above could see prices testing 5751.

Trading Ideas:

Crudeoil trading range for the day is 5653-5751.

Crude oil rose as supportive U.S. economic data overshadowed concerns about slowed growth in other oil consuming economies and ample global oil supplies.

Crude inventories fell by 1.3 million barrels in the week to 361.5 million, in line with expectations, API said.

Today crude oil inventories: Exp: 1.1M Prev: -4.5M. Actual is at 8.00PM