U. S. crude futures fell below $62 a barrel on Thursday, giving back some gains from the previous day when oil rallied to a sixmonth high after the U. S. government reported a deep drop in crude and gasoline stockpiles. U. S. oil prices rose more than 3 percent on Wednesday with futures also supported by the dollar's fall to its lowest in nearly five months against the euro and a basket of currencies. That boosted commodities denominated in dollars.

Crude oil and gasoline stockpiles in the United States fell sharply last week, according to a U. S. Energy Information Administration report on Wednesday, with crude down 2.1 million barrels and gasoline off 4.3 million barrels. Americans drove fewer miles in March for the 16th month in a row, the U. S. Transportation Department said on Wednesday, as a weaker economy reduced highway travel.

U. S. natural gas storage levels are expected to rise 95 billion cubic feet when weekly data from the U. S. Energy Information Administration are released early Thursday, according to a Reuters poll. In the weekly survey of 24 industry traders and analysts, injection estimates for the week ended May 15 ranged narrowly from 88 to 103 bcf.

The dollar fell to a two-month low against the yen on Thursday, extending a slide made the previous day when optimism about the U. S. economy reduced safehaven demand for the greenback.

After a sharp upside in crude oil futures we expect some profit taking to come in and we may not see crude oil futures breaching $62.50 on NYMEX. Natural Gas looks attractive a dip of percent of two one shall look to buy Natural gas during the day.

Crude: Crude prices remain upside yesterday. Thus the upside Cross over in RSI and the rise in +DI indicate the crude prices can move upside for the day targeting 2985 on upside.

However, the prices need to maintain above 2880 levels today at such higher levels. Any movement below 2880 can push the prices lower.

Natural Gas: Natural Gas prices continued down-wards even yesterday. Natural gas prices are currently at 61.8% retracement from the recent top of 226. Any further down-side can trigger fall to 186 level in Natural Gas.