Crudeoil yesterday settled up 1.13% at 5828 rose after improving manufacturing barometers in the US and Europe fanned expectations that the global economy is on the mend and will demand more fuels and energy going forward. Also U. K.-based Markit's final euro zone purchasing managers' index hit a 16-month high of 48.8 in June, beating market calls for a 48.7 reading, which pushed up prices of crude, a growth-sensitive commodity. Also US manufacturing staged a modest rebound in June even as hiring declined sharply but activity among China's large goods producers slowed to multi-month lows as global demand weakened. Across the Atlantic, manufacturing output is on the rise in the US as well. But support seen after Egypt's armed forces handed Islamist President Mohamed Mursi a virtual ultimatum to share power on Monday, giving feuding politicians 48 hours to compromise or have the army impose its own road map for the country. New protests have shut down several Libyan oilfields, cutting output by around a third, industry sources said, as Libya struggles to maintain stability in an industry vital to the economy and state revenue. Additional cargoes in the past week boosted oil exports from top African producer Nigeria to 1.72mbpd in August, but the figure was still at a four-year low, shipping lists showed. Output at Britain's Buzzard oilfield is building up to the normal rate of 200kbpd and maintenance that led to a dip in supply is expected to be completed later on Monday or on Tuesday, an industry source said. Technically market is getting support at 5744 and below same could see a test of 5660 level, And resistance is now likely to be seen at 5880, a move above could see prices testing 5932.

Trading Ideas:

Crudeoil trading range for the day is 5660-5932.

Crude ended higher as upbeat euro zone manufacturing data helped ease concerns over the region's economic outlook.

Investors were also closely monitoring an uprising in Egypt that could threaten oil supply in the Middle East.

Markets were watching the U. S. Federal Reserve nervously for indications on the future of its bond-buying programme.