Sell MCX Crude oil; target of Rs 6160: Dani Commodities

Dani Commodities' report on crude oil

Crude oil futures slipped in the Asia electronic session today offsetting its yesterday's rally of over 1 percent with the traders now focussing on release of the US growth data later today* Light sweet crude futures for delivery in February are trading down 20 cents at USD 98.84 per barrel on the New York Mercantile Exchange*On Friday, the U.S*is to round up the week with revised data on third-quarter GDP.

Light, sweet crude for January delivery, which expires at settlement, rose 97 cents, or 1 percent, to USD98.77 a barrel on the New York Mercantile Exchange. On the economic front yesterday, the Federal Reserve Bank of Philadelphia said that its manufacturing index jumped to 7.0 for December from November's 6.5 reading, though analysts were expecting the index to rise to 10.0 this month* A separate report showed that U.S*existing home sales declined 4.3 percent to a seasonally adjusted 4.90 million units in November from 5.12 million in October*Analysts were expecting U.S*existing home sales to fall 1.5 percent to 5.03 million units last month*

Also on Thursday, the U.S*Department of Labor said the number of individuals filing for initial jobless benefits in the week ending Dec*14 increased by 10,000 to a seasonally adjusted 379,000, the highest level since March.

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