Crudeoil yesterday settled up 0.54% at 6285 despite of Crude oil prices fell on NYMEX as investors avoided the growth-sensitive commodity ahead of the release of US gross domestic product growth rates due out Wednesday, the same day the Federal Reserve releases its latest decision on interest rates and monetary policy. On MCX prices got support as Rupee fell below the key psychological level of 60 to the dollar to a three-week low on Tuesday, posting its biggest fall in a month, as the central bank kept interest rates on hold and failed to announce any additional steps to defend the currency. The US is the world's largest consumer of crude, and concerns that quarterly growth rates may come in soft weakened oil prices on Tuesday, as a less robust economy tends to demand less fuel and energy. Elsewhere, the Federal Reserve will announce its latest decision on monetary policy on Wednesday, and hopes that stimulus programs will end soon regardless of spotty economic indicators over the past few weeks strengthened the dollar on Tuesday, which sent oil prices falling further. A stronger greenback makes oil a less attractively-priced asset in dollar-denominated exchanges. Investors are also eyeing US gross domestic product data, which shows annual growth may have slowed to 1.0 percent in the second quarter from 1.8 percent in the first quarter. Meanwhile Israeli and Palestinian negotiators, in their first peace talks in nearly three years, gave themselves about nine months to try to reach an agreement on ending their conflict of more than six decades in US-brokered peace talks. Technically market is getting support at 6226 and below same could see a test of 6168 level, And resistance is now likely to be seen at 6340, a move above could see prices testing 6396.

Trading Ideas:

Crudeoil trading range for the day is 6168-6396.

Crude oil ended with gains due to supply outages in major oil producers but downside was limited as investors worried that a slower global economy would dampen demand

Also supporting oil prices were expectations that Iraq, will report an output decline for 2013, its first after two years of robust gains.

OPEC's petroleum exports jumped in value by almost 10 percent in 2012 year-on-year