Crude Intraday Outlook

U.S. crude oil futures ended lower for the fourth day in a row on Monday as economic concerns reflected in dismal jobs data, tepid demand and rising fuel inventories pressured the oil markets. Last week, the Labor Department said U.S. employers cut 467,000 jobs in June, while the unemployment rate rose to 9.5 percent, the highest level since August 1983.

The Institute for Supply Management's services index rose to 47.0 last month from 44.0 in May, above economists' forecast.

But at the same time, Nigerian militants said they sabotaged a Chevron oil facility and seized a chemical tanker and six crew members. The Movement for the Emancipation of the Niger Delta said it attacked Chevron's facility on Sunday; hours after it sabotaged a Royal Dutch Shell operated oil well.

In a report, several U.S. buyers of Saudi crude told Reuters on Monday that Saudi Arabia plans to keep oil shipments to the U.S. unchanged in August.

In the last week, Oil dropped below $66.5 a barrel as unemployment data hardened views economic weakness would sap energy demand. In the latest sign the economy of the world's top consumer was still struggling, data on Thursday showed U.S. employers cut 467,000 jobs in June and the jobless rate rose to a 26-year high. Euro zone unemployment climbed to a 10-year high.

Report from JP Morgan on Friday also affected the oil prices .According to the report it expected oil prices to correct to about $60 a barrel or lower.

Weekly outlook (DWTI: July)

Supports are $ 64.95, $59.53and $56.12. Resistances are $70.60, $72.94 and $74.01.

DWTI (July) traded in the range $65.31-63.41 and closed at $64.05

TECHNICAL OUTLOOK (Intra-day)

DGCX Crude (July) - Bullish above $ 64.80 Bearish below $64.00



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