Crude oil ended lower as data showed disappointing jobs data for June that prompted deeper worries about the stalling economic recovery. Crude futures briefly pared losses on the news that the government chose not to intervene, hoping the parties can resolve the dispute themselves. Some analysts had expected Oslo to act quickly to return striking workers to their jobs after industry's threat of a lockout. Monetary easing by central banks in China, the euro zone and Britain on Thursday had underscored concerns about a fragile global economy that has muddied the demand outlook for commodities. Adding to the bearish tone, the head of the International Monetary Fund voiced concern over the deterioration of the global economy, saying the IMF will downgrade some of its forecasts. Norway's oil industry and labor unions agreed to meet on Saturday with a state mediator to make another attempt at reaching a deal to end a strike that has cut oil output by 13 percent and natural gas production by 4 percent and threatens to cut off exports. That threat to North Sea production comes amid the start of the European Union's embargo on Iranian oil that started on July 1, as part of the West's effort to hem in Tehran's disputed nuclear ambitions. Iran has seen crude exports fall sharply from year-ago levels as the West tightens sanctions. The CME Group Inc. late Thursday increased performance bond requirements for crude-oil futures contracts, including the benchmark futures contract. Now technically market is trading in the range as RSI for 18days is currently indicating 48.07, where as 50DMA is at 4839.22 and crude is trading below the same and getting support at 4720 and below could see a test of 4709 level, And resistance is now likely to be seen at 4744, a move above could see prices testing 4757.

Trading Ideas:

Crude trading range for the day is 4709-4757.

Crude oil ended lower as data showed disappointing jobs data for June that prompted deeper worries

Crude briefly pared losses on news that government chose not to intervene, hoping the parties can resolve dispute themselves

Threat to North Sea production comes amid the start of the European Union's embargo on Iranian oil that started on July 1