Buy MCX Crude oil; target Rs 6410: Dani Commodities

Dani Commodities' report on Crude oil

Crud oil futures slipped in the electronic trades today with the traders awaiting the weekly energy inventories due to be released by the American Petroleum Institute*

Crude oil for November delivery was down 46 cents at USD1.1.87 a barrel in electronic trade ahead of key supply data*Yesterday, it shed 54 cents, or 0.5 percent, to settle at USD102.33 a barrel on the New York Mercantile Exchange.

Yesterday, crude oil futures finished lower following the weaker-than-expected manufacturing data from China as well as the shutdown fears that rattled markets*For the month, oil prices ended up losing 4.9 percent, though they registered a 6 percent gain for the third quarter*

The American Petroleum Institute will release its weekly report at 4:30 p.m*Eastern, while the U.S*Energy Information Administration is scheduled to post its numbers on Wednesday*

Commercial crude oil stocks are expected to have risen 2.4 million barrels for the past week, according to Platts, which explained that the increase will likely be pinned on sharply reduced crude oil runs at U.S*refineries, regardless of sustained lower crude oil imports*

In currency markets, the U.S*dollar rose against the Japanese yen after the release of the tankan survey though investors refrained from taking aggressive positions ahead of an announcement by Japanese Prime Minister Shinzo Abe regarding a hike in sales tax*The dollar last traded at ¥98.60, compared with ¥98.23 late Monday in New York*

MCX CRUDE OIL
International: Major Support for WTI at USD100, Bullish above USD 100
Domestic: Buy at 6370, Stoploss 6345, Target 6410.

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