Crudeoil September futures settled up 0.89% at 6822 as rollover in long position seen from August expiry, market has witnessed gain in open interest by 50.86% to settled at 40552 also prices got support as sharp fall in rupee towards the record low on Monday seen as the government's steps unveiled last week seemed inadequate to stall the currency's fall. While Crude oil prices on NYMEX dipped to around $107 per barrel on profit-taking after prices rose sharply last week as civil unrest in Egypt and Libya stoked supply concerns. Also Libya's oil production and exports have been crippled by violence and strikes, pushing exports to the lowest since the 2011 civil war, although one of the country's smaller ports was reported to have reopened on Monday. While Crude flows resumed through a pipeline from Iraq's Kirkuk oil fields to Turkey's Mediterranean port of Ceyhan, Iraqi oil officials said on Sunday. Prices seen pressure after a Caribbean low pressure system that threatened to grow into a Tropical Storm in the oil-rich Gulf of Mexico fizzled out. Crude oil prices often rise on news of brewing tropical weather systems, as such storms disrupt production by prompting rig operators to evacuate offshore facilities. Meanwhile Investors largely avoided the commodity ahead of the Wednesday release of the Fed's minutes of its July monetary policy meeting, which many hope will shed light on the fate of the U. S. central bank's monthly asset-purchasing program that has bolstered the commodity over the past year. Technically market is getting support at 6724 and below same could see a test of 6625 level, And resistance is now likely to be seen at 6892, a move above could see prices testing 6961.

Trading Ideas:

Crudeoil trading range for the day is 6625-6961.

Crude oil gained as unrest in Egypt drove up fears over oil supply security in the Middle East.

Investors remained cautious as they awaited more clues on when the US plans to begin trimming its monetary stimulus programme.

Libya's oil production and exports have been crippled by violence and strikes, pushing exports to the lowest level since the 2011 civil war.