Crudeoil settled up 0.12% at 6414 fluctuated between small gains and losses on falling demand and higher U. S. supplies. Crude oil gains where capped after government data showed reduced demand for crude oil as refiners undergo seasonal maintenance. US crude-oil supplies increased by 1 million barrels in the week ended Feb. 14, the U. S. Energy Information Administration said Thursday. This was the fifth straight week of stockpile gains. Demand for crude oil typically falls in February and March as refiners close down units to undergo seasonal maintenance and prepare to blend summer-grade gasoline. While Refining capacity utilization fell 0.3 points to 86.8% of capacity. Stocks of distillates, including diesel fuel and heating oil, fell by 300,000 barrels last week, the EIA said. Frigid weather in the central and eastern U. S. has kept demand robust for heating oil, and another bout of freezing temperatures is forecast to arrive late next week. Uncertainty about protests in Venezuela, a major U. S. oil supplier, as well as export disruptions in Libya and South Sudan kept a floor under oil prices. Technically market is under fresh buying as market has witnessed gain in open interest by 10.66% to settled at 11016 while prices up 8 rupee, now Crudeoil is getting support at 6391 and below same could see a test of 6368 level, And resistance is now likely to be seen at 6437, a move above could see prices testing 6460.

Trading Ideas:

Crudeoil trading range for the day is 6368-6460.

Crude oil dropped to settle flat after U. S. heating oil stockpiles fell less than expected and Chinese economic data disappointed.

Sustained cold weather has driven demand for heating oil higher in recent weeks, supporting crude oil prices.

Weekly data from the U. S. EIA, showed stockpiles of distillates, including heating oil, fell by just 339,000 barrels last week.