Crudeoil settled up 1.6% at 6331 hit four-month highs on a triple-shot of bullish news on Tuesday, with U.S. data, a winter storm and supply concerns in the Middle East bolstering demand from the commodity. Updated weather forecasting models indicated that a strong winter storm was set to sweep over the northeastern U.S. on Tuesday and bring strong winds and fresh snowfall. Frigid weather reports sent crude prices rising on sentiments demand for heating oil will climb as temperatures fall across the heavily-populated northeastern U.S. Soft data out of the U.S. sent prices rising as well due to the monetary implications they may bring. The dollar weakened after the Fed Bank of New York said that its general business conditions index came in at 4.48 for February, down from a 20-month high of 12.51 in January. The new orders index fell to zero from a two-year high of 11 last month. The numbers were the latest in a series of soft U.S. economic indicators that have prompted many investors to wonder whether the Fed will slow the pace of reductions to its asset-buying stimulus program. The Fed is currently buying USD65 billion in bonds a month to suppress interest rates to spur recovery, which weakens the dollar as a side effect. Supply concerns out of the Middle East pushed up prices as well. Reports that protests in Libya have disrupted oil operations bolstered prices as did news that South Sudanese rebels seized control of an oil-producing region in the country. Ongoing fears Iran's nuclear talks may hit snags also bolstered oil. Technically market is getting support at 6262 and below same could see a test of 6192 level, And resistance is now likely to be seen at 6370, a move above could see prices testing 6408.

Trading Ideas:

Crudeoil trading range for the day is 6192-6408.

Crude oil ended higher as winter storm and supply concerns in the Middle East bolstering demand  from the commodity.

Libya's production was just 375,000 barrels per day as protests disrupted flows from a large oilfield.

Last week from IEA report showing that inventories in the developed world had posted their steepest quarterly decline since 1999 in the last three months of 2013.