Dani Commodities has come out with its report on Crude. According to the research firm, one can buy MCX Crude oil above Rs 6060 with a stop loss of Rs 6035 for the target price of Rs 6090.
Crude oil futures are trading higher in the Asia electronic trades today buoyed by the record China oil imports* China imported 27.88 million metric tons of crude oil in April, equivalent to 6.8 million barrels a day, preliminary data from the General Administration of Customs showed Thursday. The crude imports were the highest on record when calculated on a daily basis, and surpassed the previous record in January, when the country shipped in about 6.7 million barrels a day*China imported 28.16 million tons of crude in January, which is the record for crude imports on a monthly basis.
Crude oil for June delivery is trading up 8 cents at $ 100.85 per barrel on the New York Mercantile Exchange*Yesterday, it rose $1.27, or 1.3%, to settle at $100.77 a barrel* It jumped to highest level in more than a week yesterday after U.S*data showed crude inventories unexpectedly fell back from a record level.
Crude stockpiles fell 1.8 million barrels for the week ended May 2, according to data from the U.S*Energy Information Administration released Wednesday and a separate report from the American Petroleum Institute issued late Tuesday*Analysts polled by Platts were looking for a climb of 1.3 million barrels.
MCX CRUDE OIL
International: Major Support for WTI at USD100 Bullish above USD 100
Domestic: Buy above 6060, Stoploss 6035, Target 6090.
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