Crude oil settled down -0.27% at 6533 on Wednesday while markets where closed on Thursday on account of Independence Day's holiday. Meanwhile Crude oil futures on NYMEX were closed higher on Thursday, as worsening violence in Egypt fuelled concerns over a disruption to supplies from the Middle East. Gains were limited after a series of upbeat US economic data added to speculation the Federal Reserve will begin to taper its bond-buying program as soon as September. 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. Crude oil prices were boosted after Egypt declared a month-long national state of emergency on Wednesday. Egyptian media reported that more than 500 people died and at least 2,000 were injured across the country as police forces cracked down on Muslim Brotherhood protesters. Tension between the government and supporters of former President has been running high ever since Morsi was ousted from power in July in what various media outlets reported as a military coup. Gains were limited as the dollar rose to session highs against the euro and the yen after data showed that the number of people who filed for unemployment assistance in the US fell to the lowest level since October 2007 last week. The data reinforced the view that the economic recovery is strong enough for the Fed to start phasing out its stimulus program later this year. Technically market is getting support at 6480 and below same could see a test of 6426 level, And resistance is now likely to be seen at 6568, a move above could see prices testing 6602.

Trading Ideas:

Crudeoil trading range for the day is 6426-6602.

Crude oil dropped but trimmed some of losses after a report from the U. S. government showed that oil supplies fell more-than-expected.

U. S. Energy Information Administration said in its weekly report that U. S. crude oil inventories fell by 2.8 million barrels

Tension between the government and supporters of former President Mohammed Morsi has been running high ever since Morsi was ousted from power in July.