Crudeoil settled up 0.97% at 6011 continued to edge higher on Tuesday amid lingering applause for Friday's bullish U. S. unemployment report, while a weaker dollar also bolstered demand for the commodity. On Friday, the Department of Labor said the U. S. economy added 203,000 jobs in November, beating expectations for a 180,000 increase and up from a downwardly revised 200,000 rise the previous month. The data continued to push oil upwards on Tuesday by fanning sentiments that U. S. economic recovery is gaining steam and will heighten demand for fuel and energy going forward. The reports also rekindled expectations that the Federal Reserve remains on track to announce plans to taper the pace of its USD85 billion in monthly bond purchases, which weaken the dollar to spur recovery. The Fed will hold a monetary policy meeting from Dec. 17-18, and uncertainty over whether or not the U. S. central bank will announce or hint at plans to taper then allowed the dollar to fall on Tuesday. A weaker greenback often bolsters oil prices by making commodities on dollar-denominated exchanges attractive buys. Traders are also betting on a narrower spread between Brent and WTI futures as they expect changes in pipeline flows to ease a supply glut at the WTI delivery point in Cushing, Oklahoma. While OPEC has trimmed its crude oil output towards next year's global requirement, the exporter group said on Tuesday, further whittling away at a supply surplus that could weigh on prices. Technically market is getting support at 5963 and below same could see a test of 5914 level, And resistance is now likely to be seen at 6055, a move above could see prices testing 6098.

Trading Ideas:

Crudeoil trading range for the day is 5914-6098.

Crude gained amid lingering applause for Friday's bullish U. S. unemployment report, while a weaker dollar also bolstered demand for the commodity.

OPEC pumps least crude in more than two years as Saudi cuts production according to OPEC monthly oil market report.

Total crude oil inventories: EXP: -2.2M PREV: -5.6M. Actual is at 9.00PM