Crude oil ended with positive note at 5136 despite of data showing growing inflation pressure in China dampened hopes for fresh stimulus from the world's second largest oil consumer. Robust Chinese trade data further supported gains. Chinese exports grew 14.1% from a year earlier in December, blowing past expectations for a 5% gain and up from a 2.9% increase in November. Oil's losses on Friday came after official data showed that consumer price inflation in China accelerated to a seven-month high of 2.5% in December, up from 2% in November and above expectations for a 2.3% increase. Politically sensitive food costs accelerated 4.2% in December from a year earlier. The rise in Chinese food costs was driven by a 14.8% increase in the price of vegetables. The higher than expected reading dented expectations Beijing will introduce fresh monetary easing measures in the near-term to boost growth in the world's second largest economy. In the week ahead, investors will be anticipating a speech by Federal Reserve Chairman Ben Bernanke on monetary policy and the recovery from the global financial crisis on Monday, as well as Tuesday's data on US retail sales for December. Market players will also be awaiting data from China on fourth quarter gross domestic product for signs of a recovery in the world's second-largest economy. Now technically market is getting support at 5124 and below could see a test of 5111 level, And resistance is now likely to be seen at 5149, a move above could see prices testing 5161.

Trading Ideas:

Crude trading range for the day is 5111-5161.

Crude ended with gains after prices dropped after data revealed U. S. ran a wider trade deficit than expected in November.

Saudi Arabia said that it had cut its crude oil production by about 700,000 barrels per day over the last two months of 2012

The pipeline expansion allows Seaway to deliver 400,000 bpd of crude from Cushing to the Gulf Coast refining hub.