Crude oil traded in the range and settled with a gain +0.34 to settled at 5071 as fears over a potential Greek exit from the euro zone eased and after weekend turmoil in Syria raised concerns over a disruption to supplies from the region. Market sentiment firmed after weekend opinion polls in Greece indicated that pro-bailout party New Democracy was leading the polls ahead of a general election next month. The likelihood of Greece leaving the euro has been growing since early May, when anti-bailout political parties deprived pro-austerity parties of a majority at the polls. Trading activity was dull amid a lack of key economic data and a US market holiday for Memorial Day. There are worries that the region's sovereign debt crisis could trigger a broader economic slowdown that would curb demand for oil. A lack of resolution in talks between Iran and world powers over Tehran's nuclear program late last week provided further support. But revived talks between Iran and major powers over Tehran's nuclear ambitions, along with rising Saudi Arabian and Libyan output and signs of slower US economic and employment growth. Now technically market is trading in the range as RSI for 18days is currently indicating 34.53, where as 50DMA is at 5330 and crude is trading below the same and getting support at 5052 and below could see a test of 5034 level, And resistance is now likely to be seen at 5094, a move above could see prices testing 5118.

Trading Ideas:

Crude trading range for the day is 5034-5118.

Crude oil gains after weekend turmoil in Syria and stalled talks between Iran and the West.

Market sentiment firmed after weekend opinion polls in Greece indicated that pro-bailout party.

Talks between Iran and major powers over helped pull oil prices back from first-quarter highs.