Crude prices traded in a narrow range on Thursday as optimism over equity markets helped offset a surprise increase in U.S. oil inventory levels and a firm U.S. dollar. A respite from bearish economic news in China, where markets are closed for public holidays for the rest of the week, also helped hold oil prices rangebound after weeks of huge swings. Olivier Jakob, managing director of PetroMatrix, said the market was quietening down after extreme moves, with holidays in the two largest oil consuming countries – the United States and China – helping temper the appetite for risk taking.