Crude rose 2.5%, supported by unrest in Libya and worries of protests in other Arab oil producing nations, while the technical outlook also pointed to prices hitting fresh 2-1/2 year peaks and yesterday crude managed to closed 4581 level that is up by 2.5%. Markets remained focused on the turmoil in the Middle East, which could signal another threat to global oil supplies after the Libyan revolt cut exports. US stocks eked out gains despite the rise in oil prices as investors bet the latest data signaled the economy could absorb expected higher energy costs. The dollar index dipped, as the euro eased slightly from a near 4 month high against the dollar and looked set to extend gains on growing expectations of interest rate hikes by the ECB earlier than the United States. Now technically market is trading in the range as RSI for 18days is currently indicating 67.66, where as 50DMA is at 4232.62 and crude is trading above the same and getting support at 4498 and below could see a test of 4414 level, And resistance is now likely to be seen at 4642, a move above could see prices testing 4702.

Trading Ideas:

Crude trading range is 4414-4702.

Oil ended higher lifted by fresh fighting in Libya and worries of oil supply disruptions.

Crude oil looks to get resistance at 4612 and support is seen at 4548 level.

IEA said between 500,000 and 750,000 barrels a day of Libyan crude-oil production had been disrupted.

Crude $ is Trading at : 102.54$