Crudeoil settled flat up by 0.08% at 6220 near to six-week high Wednesday, after some strong economic data from China, even as a report from the Energy Information Administration showed crude stockpiles in the US to have increased more than expected while gasoline inventories dipped unexpectedly last week. Yesterday the Energy Information Administration revealed US crude oil inventories to have moved up 3.3 million barrels, while gasoline stocks dropped an unexpected 0.7 million barrels in the week ended February 7. The US Energy Information Administration on Tuesday lowered its forecast for US oil-production growth in 2014 and 2015, but raised its expectations for the country's demand. Meanwhile, Organization of the Petroleum Exporting Countries in its monthly report indicated global oil demand to grow at a faster pace than previously anticipated in 2014. It is now estimated to grow about 1.09 million barrels a day, an increase of 45,000 barrels per day, from the earlier outlook. Oil demand is anticipated at 90.98 million barrels per day for 2014. Also China's trade surplus increased with export and import growth accelerating unexpectedly at the start of the year, defying expectations that the second largest economy in the world is set for a slowdown in early 2014. Technically market is under short covering as market has witnessed drop in open interest by -1.16% to settled at 11426 while prices up 5 rupee, now Crudeoil is getting support at 6190 and below same could see a test of 6160 level, And resistance is now likely to be seen at 6265, a move above could see prices testing 6310.

Trading Ideas:

Crudeoil trading range for the day is 6160-6310.

Crude oil seen supported after a U. S. government report showed that oil supplies rose more-than-expected last week.

The U. S. Energy Information Administration said in its weekly report that U. S. crude oil inventories rose by 3.3 million barrels

World crude oil will rise to 1.26 million barrels per day in 2014 forecast by EIA, 50,000 barrels per day higher than its previous forecast.