Buy MCX Crude oil; target of Rs 5970: Dani Commodities

Dani Commodities' report on crude oil

Crude oil futures inched up in the Asia electronic session today on bargain buying after it tumbled nearly a percent yesterday and also on softness in the US dollar* The dollar retreated from the recent highs against the yen, after bumping up 1.6 percent over the previous three sessions*After climbing as high as ¥101.92 on Monday - its highest level since May - the greenback eased to ¥101.52* In Asia today, the Japanese stocks fell, failing to hit a new high for the year, while the Australian dollar picked up after the Reserve Bank of Australia dampened speculation that it’s close to intervening in the currency markets. Crude oil for January delivery is trading up 20 cents at USD 94.29 per barrel on the New York Mercantile Exchange*It retreated 75 cents, or 0.8 percent, to settle at USD 94.09 a barrel, after touching lows near USD 93 yesterday* On ICE Futures, January Brent crude, which is more sensitive to Mideast supply developments, slipped by 5 cents to end at USD 111 a barrel*At their worst during the trading session, Brent prices dropped near USD 108* Nymex oil pared its losses and Brent crude settled with a small decline after the U.S*and other western powers agreed to a short-term deal to curb Iran’s nuclear program* MCX CRUDE OIL
International: Major Support for WTI at USD100 Bullish above USD 100
Domestic: Buy at 5910, Stoploss 5880, Target 5970. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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