Crude oil settled up 1.22% at 6454 rose on Tuesday in a market hungry for economic indicators looked towards Wednesday, when an official report on supplies should release despite a government shutdown. Hopes were high the report will show an uptick in demand, which allowed for rising crude prices on Tuesday. A U. S. government shutdown has left energy markets with far fewer economic indicators needed to drive trading strategies, though on Wednesday, the U. S. Energy Information Administration is expected to release its weekly supply report despite the deadlock. Wednesday's government report could show crude stockpiles rose by 1.8 million barrels due to rising demand. The government shutdown, meanwhile, continued to drag on and weighed on the bargain hunting somewhat. President Barack Obama has said that he is willing to negotiate with congressional Republicans on a range of spending, healthcare and other issues but only after the government is reopened. Republicans have opposed agreeing on spending legislation to open the government due to opposition to the president's healthcare reform law. Obama has also called on Congress to raise the government borrowing limit ahead of the Oct. 17 deadline, when the Treasury Department has estimated the U. S. government will not have enough money to pay its bills. Technically market is under short covering as market has witnessed drop in open interest by -0.66% to settled at 11131 while prices up 78 rupee, now Crude oil is getting support at 6383 and below same could see a test of
6313 level, And resistance is now likely to be seen at 6495, a move above could see prices testing 6537.

Trading Ideas:

Crudeoil trading range for the day is 6313-6537.

Crude rose as investors looked ahead to the release of key U. S. weekly supply data amid ongoing uncertainty over the U. S. government shutdown

The supply of North Sea crude that underpins the benchmark is set to reach a 2013 high in November

Today crude oil inventories: EXP: 0.9M PREV: 5.5M. Actual is at 8.00PM