Crudeoil yesterday settled up 2.67% at 6463 shot up on Thursday after data revealed fewer individuals in the US filed for unemployment assistance last week, a sign the economy continues to improve and will demand more fuels and energy going forward. In US economic news out Thursday, the US Labor Department said initial claims for jobless benefits slid by 24,000 to 334,000 last week. The less volatile four-week moving average dropped by 5,250. The Philadelphia Federal Reserve's business activity index to 19.8 from 12.5 in June. Readings above zero signal expansion. The weekly jobs report is the latest sign that the US economy is recovering and that could lead to further upside for oil because the jobs picture is seen as an integral part of crude demand. The US, the world's largest oil consumer, added 195,000 jobs in June the Labor Department said earlier this month. On Wednesday, the US EIA said in its weekly report that US crude oil inventories fell by 6.9 million barrels last week, compared to expectations for a decline of 2 million barrels. Meanwhile Britain has abandoned plans to arm Syrian rebels fighting to overthrow President Bashar al-Assad and believes he might survive in office for years, sources familiar with government thinking say. Also Palestinians put off a decision on Thursday on whether to resume peace talks, with a senior official saying Israel needed to meet their terms before negotiations could resume. Technically market is getting support at 6355 and below same could see a test of 6246 level, And resistance is now likely to be seen at 6523, a move above could see prices testing 6582.

Trading Ideas:

Crudeoil trading range for the day is 6246-6582.

Crude oil ended with gains on signs of a strengthening economy in the United States and narrowing its discount to Brent

Oil prices were also boosted after a report from the U. S. government showed that oil supplies fell significantly more-than-expected last week.

Prices got boost after data showed refiners in the US had consumed the highest amount of crude since August 2005 last week