Oil prices jumped as supportive U. S. jobs data reinforced economic growth expectations and Libya's conflict and Middle East unrest kept supply threats in focus. Geopolitical supply risks also had oil traders wary of being too short at the weekend, as Libya's undecided conflict and Middle East unrest persist and elections near for OPEC-member Nigeria. Oil prices also benefited from momentum after ending the first quarter posting double-digit quarterly gains. Now technically market is trading in the range as RSI for 18days is currently indicating 62.3, where as 50DMA is at 4548.44 and crude is trading above the same and getting support at 4802 and below could see a test of 4780 level, And resistance is now likely to be seen at 4838, a move above could see prices testing 4852.

Trading Ideas:

Crude trading range is 4780-4852.

Oil prices jumped as supportive U. S. jobs data reinforced economic growth expectations

Crude looks to test support at 4802 and resistance is seen at 4848.

OPEC's crude output dropped 363,000 barrels in March to an average 29.022 million barrels a day