Crude ended lower as weak manufacturing data from China and the euro zone raised concerns that a slowdown in global growth could cut demand for oil.  The day's losses wiped out gains of more than 1 percent on Wednesday that emerged after data showed a surprise drawdown in U.S. crude inventories last week. The European Union will allow some insurance on Iranian oil shipments before the bloc's full embargo starts on July 1, member states agreed on Thursday in response to concerns from Asian importers heavily reliant on the EU for their cover. Plans to grant more autonomy to Libya's oil-rich east were laid out this week at the nation's first oil and gas summit held in Rome after months of unease among international oil companies over the uncertainty. In Cushing, Oklahoma, the delivery point for U.S. traded crude oil futures, U.S. President Barack Obama reiterated his pledge to speed up the approval for the southern leg of the Keystone XL pipeline that would ship crude from the glutted Midwest to the refinery hub at the Texas Gulf Coast. Now technically market is trading in the range as RSI for 18days is currently indicating 57.5, where as 50DMA is at 5218.92 and crude is trading above the same and getting support at 5388 and below could see a test of 5358 level, And resistance is now likely to be seen at 5461, a move above could see prices testing 5504.

Trading Ideas:

Crude trading range for the day is 5358-5504.

Crude dropped as weak manufacturing data from China concerns that slowdown in global growth could cut demand

China expected to provide 50% of global rise in oil demand

IEA forecasts that China will account for half of global oil demand growth of 800,000 barrels a day in 2012.