Crudeoil settled up by 0.45% at 6868 as investors, amid disappointing US home sales report, now await the Fed to maintain its bond purchases unchanged till December. Crude prices recovered while countries of the West provided clues on more assertive approach versus civil war-struck Syria. Some pressure seen in the earlier session after data revealed sales of durable goods in the US were soft in July and painted a picture of an economy still battling headwinds as it recovers and will demand less fuel and energy going forward. While the US put Syrian President on notice that it believes he was responsible for using chemical weapons against civilians last week in what Secretary of State John Kerry called a "moral obscenity." Also military chiefs from the United States and its European and Middle Eastern allies met in Jordan for what could be a council of war, should they decide to punish Assad, who has denied using chemical weapons and blamed rebels for staging such attacks. Even Iran's oil exports are being hurt by current high prices that make it more economical for rivals like the US to produce more costly oil, Iran's new energy minister said in an interview published by his ministry's website. Also support drawn after China's economy is showing clear signs of stabilisation, helped by policy support and some improvement in global demand, and is on track to meet the government's 2013 growth target of 7.5 percent, the state statistics bureau said. Technically market is under fresh buying as market has witnessed gain in open interest by 1.26% to settled at 38551 while prices up 31 rupee, now Crudeoil is getting support at 6830 and below same could see a test of 6791 level, And resistance is now likely to be seen at 6908, a move above could see prices testing 6947.

Trading Ideas:

Crudeoil trading range for the day is 6791-6947.

Crude oil gained as rising tensions over a attack in Syria added to concerns that increased unrest in the Middle East could disrupt supply.

Tighter supply due to disrupted output from the North Sea to Libya has pushed Brent higher over the past two weeks.

U. S. commercial crude oil stockpiles are forecast to have fallen last week as refinery utilisation rates hover around high levels