We expect crude oil to trade higher today taking cues from supply worries from Iran, expected fall in US crude oil inventories and dollar weakness.
Current short covering rallies could extend towards 5120-130 regions, But strong upside would be seen only a breach of the same. Else, the region of 5120-130 would for a corrective selling till 5040. Weakness seen below 5020 towards 4975 then to 4940.
Resistance - 5095/5120
Support - 5030/4980/4950
