Dani Commodities has come out with its report on MCX Crude. According to the research firm one can buy MCX Crude oil at Rs 6470 with a stoploss of Rs 6400 for the target price of Rs 6570.
Crude oil futures inched up in the Asia electronic session today stealing support from Iraq tensions which might affect the supply*However the gains were limited as the weekly oil inventories showed a rise last week and the weak durable goods data also weighed on oil*
Crude oil for August delivery is trading up 18 cents at $ 106.68 per barrel on the New York Mercantile Exchange*Yesterday, it climbed 47 cents, or 0.4%, to settle at $106.50 a barrel*
The U.S*Energy Information Administration said in its weekly report that U.S*crude oil inventories increased by 1.7 million barrels in the week ended June 20, compared to expectations for a decline of 1.6 million barrels*Total U.S*crude oil inventories stood at 388.1 million barrels as of last week.
The report also showed that total motor gasoline inventories increased by 0.7 million barrels, below forecasts for a gain of 1.4 million barrels, while distillate stockpiles rose by 1.2 million barrels, above expectations for an increase of 0.9 million barrels.
The downbeat data from US also failed to pull the oil prices lower*The Commerce Department reported that U.S*gross domestic product contracted at an annual rate of 2.9% in the first quarter of the year, far surpassing consensus forecasts for a decline of 1.7%.
MCX CRUDE OIL
International: Major Support for WTI at USD100 Bullish above USD 100
Domestic: Buy at 6470, Stoploss 6400, Target 6570.
(Prices in Rs.)
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