Crude oil ended down but recovers most of its losses as Middle East unrest provided lift before mounting concern over Japan's nuclear crisis and weak equities limited gains. The potential for supply disruption highlighted by violent clashes in Bahrain and Yemen, both near top OPEC producer Saudi Arabia, and continued fighting in Libya supported crude. Nigeria is ready to up its oil output but is being held back by an OPEC output ceiling it believes the producer group should be willing to raise. The U. S. Energy Information Administration in its weekly crude oil report said U. S. commercial crude oil inventories increased by 1.70 million barrels to 350.60 million barrels last week. Now technically market is trading in the range as RSI for 18days is currently indicating 49.75, where as 50DMA is at 4323.2 and crude is trading above the same and getting support at 4385 and below could see a test of 4326 level, And resistance is now likely to be seen at 4500, a move above could see prices testing 4556.

Trading Ideas:

Crude trading range is 4326-4556.

Crude oil ended down but recovers most of its losses as Middle East unrest provided lift

Crude looks to test support at 4385 and resistance is seen at 4500.

EIA said  U.S. commercial crude oil inventories increased by 1.70 million barrels