Crudeoil settled up 1.22% at 5831 on worries that the intensifying Ukraine crisis may trigger more sanctions and as U.S. economic data portended strong demand in the world's largest oil consumer. Crude oil rose after data showed consumer confidence rose in August to a seven-year high, although consumer spending dipped 0.1 percent. Crude oil rose as support seen after the government in Kiev said Russian troops had entered Ukraine in support of pro-Moscow rebels, intensifying a separatist war and prompting alarm among Kiev's Western allies, as well as fears of new sanctions that could target Russia's energy sector. Production from the Organization of the Petroleum Exporting Countries (OPEC) rose despite conflicts in Iraq and Libya. OPEC, which supplies a third of the world's oil, raised its output in August from July, with higher supply from Libya, Angola and Iran. The Institute for Supply Management-Chicago said its business barometer shot up to 64.3 this month from 52.6 in July. It was the index's biggest monthly point gain since July 1983 and pointed to continued strength in the manufacturing sector. OPEC's oil production has risen in August from July, a survey found on Thursday, as a recovery in Libyan supply held up and Angola and Iran boosted supplies, outweighing a further decline in Iraq.  The survey also found Saudi Arabia and other core Gulf OPEC producers kept output largely flat and have not cut back to prop up prices. Technically market is under short covering as market has witnessed drop in open interest by -3.35% to settled at 13072 while prices up 70 rupee, now Crudeoil is getting support at 5782 and below same could see a test of 5732 level, And resistance is now likely to be seen at 5860, a move above could see prices testing 5888.

Trading Ideas:

Crudeoil trading range for the day is 5732-5888.

Crudeoil prices gains on worries that the intensifying Ukraine crisis may trigger more sanctions and as U.S. economic data portended strong demand.

Crude oil additional support after data showed consumer confidence rose in August to a seven-year high, although consumer spending dipped 0.1 percent.

Production from the Organization of the Petroleum Exporting Countries (OPEC) rose despite conflicts in Iraq and Libya.