Crude oil pushed lower by fears of further turmoil in the euro zone, as Cyprus scrambled to avoid bankruptcy, and by manufacturing data which showed a deepening downturn in the currency bloc. China's crude oil imports from Iran rebounded last month from a 10-month low hit in January, official data showed, in line with an International Energy Agency (IEA) report that said new U. S. sanctions appeared to have had little impact on shipments. China's total crude imports in February fell nearly 9 percent from a year earlier on a daily basis, customs data showed earlier in the month. China imported 20.78 million tonnes, or 5.42 million bpd, of crude last month, down from 5.95 million bpd of crude in February 2012, the second highest daily imports on record. Negotiations aimed at finding an alternative solution on a bailout deal for the tiny island continued after the country's parliament rejected a controversial bank deposit tax in a vote. Cyprus needs to come up with EUR5.8 billion on its own in order to secure EUR10 billion in rescue loans from international creditors. Meanwhile, concerns over the deteriorating economic outlook for the euro zone weighed after data showed an unexpected contraction in the German manufacturing sector. A separate report showed that U. S. existing home sales rose 0.8% to a seasonally adjusted 4.98 million units in February, the highest level in three years. Elsewhere, official data showed that manufacturing activity in the Philadelphia-region expanded at the fastest pace in three months in March. Now technically market is trading in the range as RSI for 18days is currently indicating 41.41, where as 50DMA is at 5179.48 and crude is trading below the same and getting support at 5027 and below could see a test of 5000 level, And resistance is now likely to be seen at 5089, a move above could see prices testing 5124.

Trading Ideas:

Crude trading range for the day is 5000-5124.

Crude oil pushed lower by fears of further turmoil in the euro zone, as Cyprus scrambled to avoid bankruptcy.

China's crude oil imports from Iran rebounded last month from a 10-month low hit in January.

OPEC said it will pare shipments by 40,000 barrels per day to 23.72 million barrels a day for the weeks ending April 6.