Crude oil settled flat after gaining Friday buoyed by a sharp rebound in refined product futures. China's apparent oil demand gained only 1 percent from a year earlier to 8.99 million barrels per day (bpd) in June, the slowest growth in more than two years. The world's top oil consuming countries decided against releasing more stocks into the market even though high prices still weigh on the global economy, saying they believed producers have started pumping more. Japan's trade ministry extended a relaxation of commercial oil reserve requirements until Dec. 31, in line with a request by the IEA that member countries not move too quickly to replenish strategic stockpiles drawn down in recent weeks in a collective move to stabilise the market. Now technically market is trading in the range as RSI for 18days is currently indicating 52.99, where as 50DMA is at 4404.68 and crude is trading above the same and getting support at 4443 and below could see a test of 4439 level, And resistance is now likely to be seen at 4451, a move above could see prices testing 4455.

Trading Ideas:

Crude trading range is 4439-4455.

Crude oil settled flat after gaining Friday buoyed by a sharp rebound in refined product futures

Iran halts oil supply, but India sees no shortage

Japan's trade ministry extended a relaxation of commercial oil reserve requirements until Dec. 31