Crude settled with a marginal gains of +0.26% to settled at 5327 ahead Inventory, ECB meeting and a US payrolls report, with investors awaiting central bank action in the face of slowing economic growth. However, concerns over the health of the global economy weighed on demand for growth linked assets. Oil prices came under pressure after data released showed that manufacturing activity in the US contracted for the third consecutive month in August, fuelling concerns over the health of the world's largest economy. The gloomy manufacturing data came a day after a report showed that manufacturing activity in China fell to the lowest level in 3years last month, while the euro zone's manufacturing sector contracted for the 13th month in a row in August. Meanwhile, market participants looked ahead to Friday's crucial US non-farm payrolls data, which will allow investors to gauge the strength of the labor market and the need for additional easing by the Fed. Mounting speculation the US central bank was moving closer to introducing fresh measures to stimulate growth in the US economy has helped support market sentiment in recent sessions. Oil traders eyeing on government report that could show crude stockpiles fell by 5.2mbls, as Hurricane Isaac shut offshore platforms. Now technically market is getting support at 5290 and below could see a test of
5252 level, And resistance is now likely to be seen at 5355, a move above could see prices testing 5382.

Trading Ideas:

Crude trading range for the day is 5252-5382.

Crude inched up in seesaw trade ahead of a European Central Bank meeting and a U. S. August payrolls report

Most eastern Louisiana refineries affected by Isaac have restarted production since the storm passed

Today crude oil inventories: EXP: -4.9M PREV: 3.8M. Actual is at 8.30PM.