Crudeoil on MCX settled up 0.54% at 3556 as a weaker dollar encouraged buying but investors remained cautious after Russian production figures showed weak compliance with a global deal to cut output. Russia's February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry data showed, with its cuts from October 2016 levels remaining at 100,000 bpd or a third of what was pledged by Moscow under its agreement with the Organization of the Petroleum Exporting Countries (OPEC). Official U. S. data also showed that crude inventories in the world's biggest oil consumer rose for an eighth straight week to a record 520.2 million barrels last week. But even as U. S. oil production rose and Russian output held steady, OPEC boosted already strong compliance with the group's six-month deal to 94 percent, cutting output for a second month in February, a survey found. Russian Energy Minister Alexander Novak said it was too early to say if the deal to reduce oil production would be extended beyond the end of June. OPEC, Russia and others are due to agree on output policy in the next three months. Short-term technical support could push Brent toward $60 a barrel, which will "establish an adequate price level for OPEC to reduce, but not abolish, its market intervention at the May 25th meeting," BMI Research said in a note. U. S. drillers added rigs for the seventh straight week, Baker Hughes said on Friday. Rig counts rose by seven rigs to bring the total to 609, most since October 2015, the energy services company said. Technically now Crudeoil is getting support at 3529 and below same could see a test of 3501 level, And resistance is now likely to be seen at 3576, a move above could see prices testing 3595.

Trading Ideas:

# Crudeoil trading range for the day is 3501-3595.

# Crude oil gained as a weaker dollar encouraged buying but investors remained cautious while the as number of U. S. oil rigs rose for the seventh straight week.

# Russian Energy Minister Alexander Novak said it was too early to say if the deal to reduce oil production would be extended beyond the end of June.

# Russia's February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry data showed.