Crudeoil recovered and settled up at 6357 after second-quarter earnings in U.S. financial sector beat expectations and pointed to an economy that continues to recover. With the IEA also saying additional non-OPEC supply including from the North American shale oil boom will meet strong global demand next year and eroding the market share of OPEC countries, Barclays cut its 2014 Brent oil forecast by $20 a barrel. U.S. data on Wednesday showed the biggest two-week drop on record in crude stockpiles, while refinery production hit a five-year high. Non-OPEC supply is set to grow at the fastest pace in decades next year, the International Energy Agency (IEA) said on Thursday, and China's weaker appetite for commodities continues to drag on prices. OPEC member Kuwait gave Egypt $200 million worth of oil to help with recovery efforts in the North African nation. Separately, press reports revealed Nigeria is now the largest supplier of oil to India. South Korea imported 565,444 tonnes of crude oil, 138,000 barrels per day (bpd), from Iran in June, down 23 percent from a year ago, preliminary data from the Korea Customs Service showed. In U.S. economic news published last Friday, a Labor Department report showed U.S. wholesale prices rose 0.8% last month, the biggest gain since September 2012. That follows a 0.5% increase in May. Economists expected a June increase of 0.5%. Technically market is under fresh buying as market has witnessed gain in open interest by 0.89% to settled at 43300 while prices up 18 rupee, now Crudeoil is getting support at 6345 and below same could see a test of 6332 level, And resistance is now likely to be seen at 6375, a move above could see prices testing 6392.

Trading Ideas:

Crudeoil trading range for the day is 6332-6392.

Crude rose after second-quarter earnings in U.S. financial sector beat expectations and pointed to an economy that continues to recover.

Lingering worries that violence in Egypt could disrupt supply through the Suez Canal also helped underpin prices.

Non-OPEC supply is set to grow at the fastest pace in decades next year, the International Energy Agency.