Crude Oil prices rose yesterday in the line of expectation gained by +1.03$ to settled at 5124 level amid hope of further stimulus on both sides of the Atlantic, with US crude leading gains amid signs of improving demand and growing exports. Equities rallied and the dollar faltered, further fuelling oil gains as traders looked ahead to key central bank meetings. The Federal Reserve is expected to maintain its QE program when it meets this week, and the ECB is seen cutting interest rates on Thursday. Crude oil prices enjoyed a double-shot of bullish news, on the one hand, official data released earlier revealed that US consumer spending rose 0.2% in March, also pending home sales index rose by 1.5% in March, beating expectations for a 1% gain. The news bolstered the growth-sensitive commodity by painting a picture of a US economy that is still growing despite ongoing headwinds slowing recovery. On the other hand, lower-than-expected growth rates fanned already growing expectations for the Fed program to keep stimulus programs in place, which tend to bolster crude and other commodities. In the US on Friday, the Bureau of Economic revealed in a preliminary report that the US GDP rose 2.5% in the first quarter, missing expectations for a 3.0% increase though an improvement from a 0.4% rise in the previous quarter. The news weakened oil on Friday though by Monday, oil rose amid sentiments that the Fed's monetary stimulus programs will stay in place for longer than expected. Now technically market is getting support at 5059 and below could see a test of 4993 level, And resistance is now likely to be seen at 5162, a move above could see prices testing 5199.

Trading Ideas:

Crude trading range for the day is 4993-5199.

Crude gained on expectations that stronger global economic activity would encourage more fuel consumption.

U.S. crude oil exports doubled in February to a 13-year high of 124,000bpd as shipments of surplus shale crude to Canada gathered pace.

Prices gained in last week but still headed for a monthly loss following a mid-April commodities rout fueled by economic slowdown worries.