Crudeoil settled up 1.5% at 7457 recovered in the late session and despite the U. K. parliament voted against military action aimed at Syria. While the US and the U. K. have been preparing to attack Syria via missile and air strikes for its alleged use of chemical weapons in its civil war, delays now seem likely due to complaints from US lawmakers that they have not been properly consulted. Speculation that a US military attack in Syria may engulf the oil-rich Middle East and threaten global supply sent prices gaining on Wednesday, with news reports saying military action was days away. After the close of US markets Thursday, the U. K. voted to not proceed with military action against Syria. It is widely expected that France will do the same. However, that does not mean the US will not act alone in its retaliation against, which used chemical weapons against its own citizens. Syria headlines overshadowed some strong US economic data. In US economic news out Thursday, the US Commerce Department said US GDP grew 2.5% in the second quarter, well above the initial reading that showed growth of 1.7%. Consumer spending grew 1.8% after rising 2.3% in the first quarter. The Labor Department said initial claims for jobless benefits fell by 6k to 331k last week. The less volatile four-week moving average rose by 750 to 331,250. Strong data points from the world's largest economy reinvigorated speculation the Fed will move to begin tapering its QE program, perhaps as soon as September. Technically market is getting support at 7345 and below same could see a test of 7234 level, And resistance is now likely to be seen at 7539, a move above could see prices testing 7622.

Trading Ideas:

Crudeoil trading range for the day is 7234-7622.

Crudeoil settled up 1.5% at 7457 recovered in the late session despite the U. K. parliament voted against military action aimed at Syria

IEA said oil markets were currently well supplied and did not warrant any action by the West's energy watchdog despite a recent spike in prices.

Saudi Arabia is set to pump 10.5 million barrels a day of crude in the third quarter, a million bpd increment over the second quarter