Crude ended flat Saturday after gaining Friday as a flurry of short-covering caused prices to rebound from lows after news that al Qaeda had plotted last year to hijack or sink oil tankers to prompt. Total U.S. crude oil and petroleum product consumption jumped 5.2 percent in April from a year earlier to 19.886 million barrels per day, the American Petroleum Institute said in a monthly report. Demand for distillates, which included heating oil and diesel fuel, soared 15.2 percent to 4.270 million barrels per day. Diesel consumption alone soared nearly 26 percent, the API added. Now technically market is trading in the range as RSI for 18days is currently indicating 40.81, where as 50DMA is at 4828.74 and crude is trading below the same and getting support at 4497 and below could see a test of 4488 level, And resistance is now likely to be seen at 4512, a move above could see prices testing 4518.

Trading Ideas:

Crude trading range is 4488-4518.

Crude rose Friday as a flurry of short-covering caused prices to rebound from lows

Crude looks to test support at 4462 and resistance is seen at 4540

Total U.S. crude oil and petroleum product consumption jumped 5.2 percent in April