Sell MCX Crude oil; target of Rs 6060: Dani Commodities

Dani Commodities' report on crude oil

Crude oil futures shot up above USD97 a barrel its highest levels in nearly a month after the industry data that showed a drop in U.S*stocks, upbeat prospects for global demand* Today, the traders will keep eyes on the comments from key oil producers as members of the Organization of the Petroleum Exporting Countries readied for a meeting in Vienna.

Crude oil for January delivery is trading up by hefty USD1.16 at USD 97.20 per barrel on the New York Mercantile Exchange*Yesterday, it rose USD2.22, or 2.4 percent, to settle at USD96.04 a barrel on, after gaining 1.2 percent in the previous session. In the bullish news, the American Petroleum Institute late Tuesday reported a roughly 12 million-barrel decline for the week ended Nov*29*Analysts surveyed by Platts had forecast a decline of 1.25 million barrels*That is the first weekly draw in 11 weeks for the EIA data.

In Asia today, Japan's Nikkei Stock Average fell sharply as the yen regained some lost ground*The Nikkei Average was down 2.3 percent on Wednesday, its largest fall since late October, South Korea's Kospi lost 0.8 percent, Hong Kong's Hang Seng Index fell 0.7 percent, and the Shanghai Composite rose 0.1 percent* On the economic front, Australia's Gross domestic product grew 0.6 percent in the third quarter from the second, and by 2.3 percent from a year earlier, a government report showed*The government had originally reported growth at 0.6 percent for the second quarter*

MCX CRUDE OIL
International: Major Support for WTI at USD100 Bullish above USD 100
Domestic: Sell at 6090, Stoploss 6110, Target 6060.

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