Crude oil settled up 0.51% at 5900 recovered in a choppy session as investors waited for talks to begin on Wednesday between Western delegates and Iran over the latter's nuclear program and ways to close it. An end to nuclear impasse could resume the flow of Iranian crude into global markets. On Wednesday in Geneva, talks among the U. S., Russia, China, Britain, Germany, France and Iran will open with hopes building that progress will be made to dismantle Tehran's nuclear program. A deal would resume the flow of Iranian crude into global markets and lower prices, as trade sanctions slapped on Iran due to its alleged nuclear ambitions have taken out more than 1mbls per day of oil from the global market. Pressuring prices higher, however, were ongoing sentiments that the Fed's will keep its monetary stimulus programs in place through early 2014. Last week, Fed Chair Nominee Janet Yellen suggested the economy still needs the U. S. central bank's ultra-loose monetary policies to ensure recovery, and on Monday, the Fed's Bank of New York chief William C. Dudley said he was hopeful that recovery will gain steam soon but made no indication over a need to consider scaling back bond purchases. Investors also bet that the minutes of the Fed's October meeting due for release on Wednesday will paint a similar picture for the need to hold off on scaling back stimulus tools for now. Bearish pressures stemming from hopes for an end to the Iranian nuclear impasse clashing with bullish pressures stemming from Fed expectations allowed for choppy trading. Technically market is now Crude oil is getting support at 5857 and below same could see a test of 5815 level, And resistance is now likely to be seen at 5925, a move above could see prices testing 5951.

Trading Ideas:

Crudeoil trading range for the day is 5815-5951.

Crude oil recovered in a choppy session as investors waited for talks to begin between Western delegates and Iran over the latter's nuclear program and ways to close it.

Crude prices have been on a downward trend in recent weeks amid concerns U. S. government shutdown created a drag on economic growth and eroded demand

Today crude oil inventories: EXP: -0.2M PREV: 2.6M. Actual is at 8.00PM