Crudeoil settled flat as prices were seen support after a solid jobs report in the United States pointed to economic strength and growing oil demand in the world's largest oil consumer. A U.S. Labor Department report showed a fourth straight month of job gains in May, bringing U.S. employment back to pre-recession levels and confirming that the economy has snapped back from a winter lull. Total crude inventories remain high in the United States although new pipeline capacities have drained stocks at delivery point in Cushing, Oklahoma, to the lowest since 2008. Oil's gains were limited, however, as market players eyed developments over Ukraine. Libya's crude exports could fall to zero in days as the state oil company could be forced to divert the only remaining exports to the Zawiya refinery, which provides crucial gasoline to the country's capital. Crude from two offshore fields may be used to supply the 120,000 barrel per day refinery unless oil production from Brega in the east improves within two days, a spokesman for National Oil Corp said. As for the rest of the country, protesters are still blocking either the export terminals or the oilfields themselves in order to prevent any other exports. The 120,000 barrel per day Zawiya refinery depends on oil from the major western El Sharara oilfield, which has been shut down since March. Technically market is under fresh selling as market has witnessed gain in open interest by 0.52% to settled at 8194 while prices down -4 rupee, now Crudeoil is getting support at 6036 and below same could see a test of 6014 level, And resistance is now likely to be seen at 6083, a move above could see prices testing 6108.

Trading Ideas:

Crudeoil trading range for the day is 6014-6108.

Crude oil settled flat as prices were seen support after a solid jobs report in US pointed to economic strength and growing oil demand.

Oil's gains were limited, however, as market players eyed developments over Ukraine.

Total crude inventories remain high in US although new pipeline capacities have drained stocks at delivery point in Cushing, Oklahoma.