India: Crude oil ends higher on tight supply

Crude oil yesterday traded in the tight range but trading below the 30-month high, after a government report showed that U.S. crude oil inventories rose more-than-expected last week.
Earlier in the day, the U.S. EIA said in its weekly report that U.S. crude oil inventories rose more-than-expected in the week ended April 1, increasing by 2.0 million barrels, after rising by 2.9 mln bls in the preceding week.
According to the data, total U.S. crude oil inventories for the week ended April 1 stood at 357.7 mln bls, remaining above the upper limit of the average range for this time of year. Over the last four weeks, crude oil imports have averaged nearly 8.9 million barrels per day, 175,000 barrels per day below the same four-week period last year.
Now technically market is trading in the range as RSI for 18days is currently indicating 60.97, where as 50DMA is at 4576.96 and crude is trading above the same and getting support at 4772 and below could see a test of 4751 level, And resistance is now likely to be seen at 4821, a move above could see prices testing 4849.
Trading Ideas:
Crude trading range is 4751-4849.
Crude oil ended firm as supply worries persisted due to turmoil in Libya and the Middle East.
Crude looks to test support at 4772 and resistance is seen at 4821.
U.S. crude oil inventories rose 1.95 million barrels last week, the U.S. EIA said

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Crude-oil-ends-higher-on-tight-supply-12405.html)