Crude oil rebounded from early losses to end up higher on news of tighter sanctions against Iran. Pressure was seen over the health of the global economy weighing on future oil demand expectations. Oil prices came under further pressure after the minutes of the Fed's latest policy meeting disappointed expectations for further easing to boost growth in the US The surprisingly strong employment data added to fading hopes over further easing from the Fed after minutes of the central bank's June policy-setting meeting revealed that only a few board members thought that more asset purchases would be necessary. Meanwhile, market players were looking ahead to Chinese Q2 GDP figures due out, to gauge whether China is a heading towards a hard or a soft landing. A deeper slowdown in China would impair a global expansion that is already faltering because of the ongoing debt crisis in the euro zone. Fears over the global economic outlook intensified after official data showed that Chinese exports and imports in June slowed from the previous month, as weakening global demand weighed. Markets also remained nervous after the head of Italy's business group warned that Italy's economy will shrink by more than 2.4% this year, a deeper contraction than previously expected. Now technically market is getting support at 4736 and below could see a test of 4693 level, And resistance is now likely to be seen at 4809, a move above could see prices testing 4839.

Trading Ideas:

Crude trading range for the day is 4693-4839.

Crude gained after US announced new sanctions on Iran and said fronts for Iran's tanker companies had been exposed

International Energy Agency said a global economic slowdown could put a lid on oil prices

Gasoline climbed on rumors that a Los Angeles refinery's gasoline-producing unit was shut for unplanned repairs.