Dani Commodities has come out with its report on Crude Oil. According to the research firm, one can sell MCX Crude Oil at Rs5058 with stoploss of Rs 5080 for a target of Rs 5010.

Crude oil futures began the week on a weak note as the Chinese manufacturing activity expanded at a slower rate in February as new export orders and the backlog of existing work decreased. The preliminary or "flash" Purchasing Managers' Index for February came in at 50.4, a four-month low, compared with a final PMI print of 52.3 in January. A reading above 50 indicates an expansion in activity. Meanwhile, China will raise gasoline and diesel prices by 300 yuan ($48) a metric ton and CNY290/ton respectively effective Monday, citing the National Development and Reform Commission.

The NDRC last changed gasoline and diesel prices on Nov. 15, when it cut them by 310 and 300 yuan a ton respectively in response to falling international oil prices. Under China's oil product pricing system, domestic fuel prices may be adjusted when the moving average of a basket of international crudes changes more than 4percent over a period of 22 working days. The government hasn't always rigidly followed the formula, which was introduced in 2009. WTI light sweet crude oil futures are trading down 5 cents at $ 93.06 a barrel in Asia electronic session Monday. Last week the futures tumbled below the key $93 a barrel hit by the strengthening US dollar, surge in the weekly oil inventories data. On the week, it lost 2.7percent.