Crude oil on MCX settled up 1.94% at 3424 climbed higher reaching it best closing level in over a month amid concerns about geopolitical tensions, the price of crude oil showed a notable upward move during trading on Monday. The field had only just returned to production, after a week-long stoppage ending in early April. The outage added to a rally that started late last week after the United States fired missiles at a Syrian government air base. While Syria produces only small volumes of oil, the Middle East is home to more than a quarter of the world's oil output. Later in the day traders will be eyeing for the API will report estimates of inventories for crude and refined products at the end of last week, followed by official data from the US EIA on Wednesday.

Trading Ideas:

Crude oil trading range for the day is 3341-3471.

Crude oil prices climbed higher reaching it best closing level in over a month amid concerns about geopolitical tensions.

Support also seen after the update that Libya's Sharara oilfield was shut after a group blocked a pipeline linking it to an oil terminal.

Headlines of Chinese troop deployments to the North Korean border that spooked markets and once again spurred a geopolitical fear bid in bullion.

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