Crude oil rose as supply worries arising from the Libyan unrest persisted. Short-covering ahead of the weekend developed on concerns that tensions would spread to other oil-producers and after the United States announced it was imposing sanctions against Libya for Muammar Gaddafi's treatment of his opponents. Saudi Arabia has increased its oil production by more than 700,000 barrels per day to more than 9 million bpd to compensate for disruption to Libyan output. Now support for the crude is seen at 4437 and below could see a test of 4412. Resistance is now likely to be seen at 4486, a move above could see prices testing 4510.

Trading Ideas:

Crude trading range is 4412-4510.

Crude oil rose as supply worries arising from the Libyan unrest persisted

Crude oil looks to get resistance at 4490 and support is seen at 4438 level.

Saudi Arabia has increased its oil production by more than 700,000 barrels per day

Crude $ is Trading at : 99.41$