Crudeoil settled flat at 6034 rose for a sixth straight session, putting it on track for its biggest weekly gain in 5 months after economic data suggested demand could improve in the world's top oil consumer. Support seen after U. S. GDP increased at a seasonally adjusted annual rate of 3.6% in the three months to September, well above expectations for growth of 3.0% and up from a preliminary estimate of 2.8%, according to Commerce Department data released earlier. Separately, the U. S. Department of Labor said the number of individuals filing for initial jobless benefits last week fell by 23,000 to a seasonally adjusted 298,000 from 321,000 in the previous week, whose figure was revised up from 316,000. Government data also showed that U. S. factory orders fell 0.9% in October, less than the expected 1% decline after an upwardly revised 1.8% increase the previous month. The numbers drew applause in energy markets, which continued to cheer Wednesday's supply data. Also the U. S. Energy Information Administration said in its weekly report that U. S. crude oil inventories fell by 5.6 million barrels in the week ended Nov. 29, well beyond expectations for a decline of 500,000 barrels. Total U. S. crude oil inventories stood at 385.8 million barrels. The report also showed that total motor gasoline inventories increased by 1.8 million barrels, compared to expectations for a gain of 1.5 million barrels. Technically market is under fresh selling as market has witnessed gain in open interest by 1.15% to settled at 10854 while prices down -8 rupee, now Crudeoil is getting support at 6009 and below same could see a test of 5983 level, And resistance is now likely to be seen at 6058, a move above could see prices testing 6081.

Trading Ideas:

Crudeoil trading range for the day is 5983-6081.

Crude oil edged lower after OPEC agreed to renew a collective oil production cap and some members talked about raising output next year.

OPEC agreed on Wednesday to keep its production target unchanged at 30 million barrels per day for the first half of 2014.

Iranian Oil Minister Bijan Zanganeh said Iran will bring back production once sanctions are lifted, following an interim deal.