Crude oil prices gained by 0.76% and settled at 5157 rose after Cyprus secured EUR10 billion in bailout financing and avoided economic collapse that could have bruised the broader European economy and crimped demand for fuels and energy. Earlier Monday, eurozone finance ministers and the International Monetary Fund approved a EUR10 billion rescue package for Cyprus provided the country close up its second-largest lender, Laiki Bank. The bailout deal guaranteed that accounts holding EUR100,000 or less will continue to be insured and likely shifted to another financial institution, though larger depositors and bondholders in the bank may take haircuts. While the news rattled nerves in foreign-exchange markets on fears that future bailouts in the eurozone may call for bank restructurings, energy markets applauded the deal on sentiments that European policymakers and Cyprus avoided a financial and economic calamity. European leaders said a chaotic national bankruptcy that might have forced Cyprus from the euro and upset Europe's economy was averted - though investors in other European banks are alarmed by the precedent of losses for depositors in Cyprus. Meanwhile Saudi Arabia's oil minister, Ali al-Naimi, said on Monday that an oil price around $100 a barrel was reasonable for consumers and producers, highlighting the top crude exporter's preferred range. Now technically market is trading in the range as RSI for 18days is currently indicating 54.05, where as 50DMA is at 5171 and crude is trading below the same and getting support at 5115 and below could see a test of 5074 level, And resistance is now likely to be seen at 5198, a move above could see prices testing 5240.

Trading Ideas:

Crude trading range for the day is 5074-5240.

Crude gained after Cyprus secured a last-minute bailout deal, averting a deeper euro zone crisis and boosting outlook for fuel demand.

Saudi Arabia's oil minister said that a price at around $100 a barrel was reasonable for both consumers and producers.

Continued unrest in the Middle East also supported oil prices as investors feared supply disruptions.