Crudeoil settled up 1.41% at 6248 as prices carried Friday's gains into Monday as sentiments remained firm that recent blasts of winter storms have taken their toll on heating oil stockpiles more than anticipated, though reports of increased supply from Libya capped the commodity's gains. Crude oil prices rose on sentiments that recent blasts of cold air have hiked demand for heating fuel and other distillates, though forecasts for moderating temperatures in the coming weeks capped gains. Also capping gains were reports of an end to supply snags in the North Sea, while increased exports from Libya to the global market also watered down gains. Armed protestors have occupied oil facilities in Libya up until recently, and exports from the Middle Eastern nation are normalizing. Markets were also eager to listen to Fed Chair Janet Yellen's testimony before Congress on Tuesday, hoping the nation's new top economist will shed insight on the direction of the U. S. central bank's USD65 billion in monthly bond purchases. Fed asset purchases tend to weaken the greenback by driving down interest rates, thus making oil an attractive commodity in dollar-denominated exchanges. Investors are also awaiting direction on the course of the Fed's monetary policy when Janet Yellen, the central bank's new chief, briefs U. S. lawmakers this week. Meanwhile Oil production from key U. S. shale deposits are expected to rise in February and March, according to forecasts issued by the EIA issued on Monday. Technically market is under fresh buying and getting support at 6194 and below same could see a test of 6141 level, And resistance is now likely to be seen at 6286, a move above could see prices testing 6325.

Trading Ideas:

Crudeoil trading range for the day is 6141-6325.

Crude oil gained as a continuing cold snap kept demand for heating fuel high and raised concerns over tighter supply.

Output at Britain's Buzzard oilfield had returned to a normal rate of 200,000 bpd or more, following its fourth outage of 2014 last week.

Chinese economic data this week could also be supportive if it shows faster growth in the world's second-biggest oil user.