Crudeoil settled down at 5821 traded in the range as Floor trading in the US was closed on Monday for the Labor Day holiday. Pressure seen as weak economic data in Europe and China sparked concerns about oil demand. While Euro zone manufacturing growth slowed slightly more than initially thought last month as new orders dwindled and factories suffered amid rising tensions in Ukraine, a business survey showed on Monday. Also Growth in China's large factory sector also slipped to a three-month low in August as foreign and domestic demand cooled, a private survey showed on Monday, raising concerns that the economy is faltering after a bounce. Lastweek Crude oil surged on demand growth prospects after some upbeat economic data from the U.S. showed consumer sentiment to have improved unexpectedly in August. In a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving, consumers spent less in July than in the previous month, statistics issued by the U.S. Commerce Department showed. Personal income rose for the month, though at a slower pace than economists had projected. Manufacturing activity in the Chicago-area also rebounded in August, as factories reported increases in new orders. Nevertheless, worries over supplies persisted due to the ongoing conflict between Ukraine and Russia, with crude stockpiles in the U.S. having declined more than expected last week. Russia is one of the top oil producer in the world and is already under considerable pressure facing sanctions for its role in stirring up the conflict in Ukraine. Meanwhile, NATO has accused Russia of violating Ukraine's sovereignty and providing military support to pro-Russian rebels. Technically market is getting support at 5806 and below same could see a test of 5791 level, And resistance is now likely to be seen at 5832, a move above could see prices testing 5843.

Trading Ideas:

Crudeoil trading range for the day is 5791-5843.

Crude oil eased as weak economic data in Europe and China sparked concerns about oil demand.

Euro zone manufacturing growth slowed slightly more than initially thought last month as new orders dwindled and factories suffered.

Libya's oil production has risen to 700kbls per day, a spokesman for state-run National Oil Corp (NOC) said.