Crude oil by +0.58% to settled at 5131 on rupee weakness but fresh concerns over the US debt ceiling weighed on appetite for growth-linked assets. Oil prices came under pressure as investors remained cautious ahead of negotiations on raising the US debt ceiling still to come in February. President Obama warned Congress that it must raise the debt ceiling or risk a "self-inflicted wound on the economy." Bernanke and Treasury Secretary also urged policymakers to act swiftly in order to prevent a potential debt default. Losses were limited as the US dollar came under pressure after Fed Chief Bernanke indicated that the central bank intended to continue its quantitative easing program. In a speech on the economy and monetary policy on Monday, Bernanke said that he was still unsatisfied with the economy's progress, despite some recent signs of improvement. Bernanke made no mention of winding the program down, clearing some confusion caused by the most recent Fed meeting minutes. Oil traders looked ahead to fresh weekly information on US stockpiles of crude and refined products to gauge the strength of oil demand in the world's largest oil consumer. Market players were also looking ahead to key Chinese economic data later in the week. China is the world's second largest oil consumer after the US and has been the engine of strengthening demand. Now technically market is getting support at 5108 and below could see a test of 5085 level, And resistance is now likely to be seen at 5151, a move above could see prices testing 5171.

Trading Ideas:

Crude trading range for the day is 5085-5171.

Crude ended with gains as weakness in rupee supported prices on MCX though prices dropped in international markets

U. S. crude stocks rose by only 46,000 barrels last week, according to the American Petroleum Institute's report released

Today crude oil inventories: EXP: 2.0M PREV: 1.3M. Actual is at 9.00PM.