Crudeoil yesterday settled at 6523 down after data showed the US economy created fewer jobs than expected in July, casting more doubts over the strength of the US economy and the need for further stimulus. As Crude oil traders have long been taking cues from the monthly jobs report, the most-closely followed indicator of US employment, because it offers insight into the economic health of the world's biggest oil consumer. Crude oil prices turned sharply lower after the Department of Labor said the US economy added 162,000 jobs in July, also unemployment rate ticked down to 7.4% from 7.6% in June, due in part to more people leaving the labor force. The data came amid growing uncertainty over the future of the US central bank's stimulus program, after the Fed said that it would keep buying USD85 billion a month in mortgage and Treasury securities and gave no hint of plans to taper its bond-buying program. The Fed's stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar. Despite Friday's downbeat performance, oil prices rose 2.1% on the week, following the release of upbeat US economic data released earlier in the week. Market players will also be looking ahead to data on China's trade balance as well as reports on inflation and industrial production, amid ongoing concerns over the Asian nation's economic outlook. Technically market is getting support at 6498 and below same could see a test of 6465 level, And resistance is now likely to be seen at 6552, a move above could see prices testing 6580.

Trading Ideas:

Crudeoil trading range for the day is 6490-6580.

Crude oil fell as U. S. jobs data came in below expectations, tempering economic optimism.

Libya's oil exports continued to flow at less than half normal rates as strikes and protests shut major oil terminals in the North African.

OPEC output averaged 30.25 million barrels per day (bpd), down from 30.38 million bpd in June.