Crude Oil on MCX settled down -0.13% at 3164 prices were a bit lower as recovered from steep early losses after government data showed gasoline stockpiles continued to fall last week. Yesterday the EIA said that crude oil inventories rose by 5 million barrels to 533.1 mbls compared to estimates of an increase of only 2.8 mbls.

Trading Ideas:

*Crude Oil trading range for the day is 3077-3217.

*Crude oil dropped after data showed that U.S. crude supplies rose more than expected last week, underlining concerns over a global glut.

*EIA said US inventories climbed almost 5 mbls to 533.1 million last week, far outpacing forecasts of a 2.8 mbl build

*US shale oil producers have been adding rigs, boosting production to about 9.1 mbpd for the week ended March 10.

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