Crude oil ended lower as weak housing data fed worries about the economy and improving oil flow from the Trans Alaska Pipeline meant domestic supplies would stabilize soon. China imported 460,000 tonnes of diesel in December, nearly five times as much as the year-ago level, data from the Hong Kong-based China Customs Statistics Information Centre showed. Now technically market is trading in the range as RSI for 18days is currently indicating 56.62, where as 50DMA is at 4001.66 and crude is trading above the same and getting support at 4100 and below could see a test of 4068 level, And resistance is now likely to be seen at 4172, a move above could see prices testing 4212.

Trading Ideas:

Crude trading range is 4166-4272.

Crude oil ended lower as weak housing data fed worries about the economy

Today crude oil inventories: EXP: -1.1M PREV: -2.2M

Oil demand grew by 3.2%, an increase of 2.7 mbd year-on-year to 87.7 mbd