JUNE 25 WEDNESDAY
SHORT TERM TREND : SIDEWAYS : TARGET RS 5760 TO 5920
LONG TERM TREND : BULLISH : TARGET RS 6190
S1 RS 5810, S2 RS 5785, S3 RS 5753
R1 RS 5874, R2 RS 5897, R3 RS 5925
MARKET IS EXPECTED TO MOVE SIDEWAYS
Oil Rises a Fourth Day on Nigerian Output.
Crude oil rose for a fourth day in New York after
Chevron Corp. halted part of its Nigerian output and
Gold man sachs group inc increased oil price forecast.
.Crude oil for August delivery rose as much as 38 cents,
or 0.3 percent, to $137.38 a barrel in electronic trading
on the New York Mercantile Exchange, and traded at
$137.25 at 3:39 p.m. Singapore time. Yesterday,
futures rose 26 cents to settle at $137 a barrel after
touching $138.75, the highest since reaching a record
$139.89 on June 16, on concern that production
losses will deepen.
Brent crude oil for August settlement rose as much
as 54 cents, or 0.4 percent, to $137 a barrel on London's
ICE Futures Europe exchange.
Oil may fall as the Federal Reserve might end a run of
seven interest-rate cuts. The reductions have caused
the dollar to decline, prompting investors to purchase
commodities as an inflation hedge.
Traders see a 90 percent chance policy makers will
leave the target rate for overnight lending between
banks at 2 percent today, compared with 84 percent
odds a week ago, interest rate futures contracts on the
Chicago Board of Trade indicate. The rest of the bets are
for a quarter-percentage point increase.
U.S. crude-oil stockpiles probably fell 1.1 million barrels
in the week ended June 20 from 301 million barrels,
according to the median of responses by 12 analysts
before an Energy Department report today. Inventories
dropped as refiners increased their output and on rising
storage costs.
Wednesday, June 25, 2008
Tuesday, June 24, 2008
UPDATES ON JUNE 24 2008
JUNE 24 TUESDAY
SHORT TERM TREND : BULLISH : TARGET RS 5960
LONG TERM TREND : BULLISH : TARGET RS 6190
S1 RS 5862, S2 RS 5830, S3 RS 5790
R1 RS 5925, R2 RS 5960, R3 RS 6030
PREFER INTRADAY LONG AT RS 5862 TO 5858
STOP LOSS RS 5830
TARGET RS 5925
Oil Is Little Changed After Falling $4 as Fuel Demand Declines
Crude oil was little changed in New York after
falling more than $4 a barrel yesterday, the
biggest drop since March, as record prices
reduced demand.
Crude oil for July delivery fell 11 cents to $126.51
a barrel at 11:32 a.m. Singapore time in after-hours
trading on the New York Mercantile Exchange.
Yesterday, the contract declined $4.41, or 3.4 percent,
to settle at $126.62 a barrel, the lowest close since
May 16. It was the biggest drop since March 31.
Futures reached a record $135.09 on May 22.
Prices have more than doubled over the past year.
Saudi Arabia said yesterday that it increased oil
sales by 300,000 barrels per day in May and would
increase it by another 200,000 barrels a day
in July.The announcement was in line with
expectation.
Nigeria continues to have problems keeping
its oil production safe.Late last week a
120,000 barrels per day chevron plant was closed
after its pipe lines were attacked.Earlier last
week a 200,000 barrel per day shell facility
was closed.
SHORT TERM TREND : BULLISH : TARGET RS 5960
LONG TERM TREND : BULLISH : TARGET RS 6190
S1 RS 5862, S2 RS 5830, S3 RS 5790
R1 RS 5925, R2 RS 5960, R3 RS 6030
PREFER INTRADAY LONG AT RS 5862 TO 5858
STOP LOSS RS 5830
TARGET RS 5925
Oil Is Little Changed After Falling $4 as Fuel Demand Declines
Crude oil was little changed in New York after
falling more than $4 a barrel yesterday, the
biggest drop since March, as record prices
reduced demand.
Crude oil for July delivery fell 11 cents to $126.51
a barrel at 11:32 a.m. Singapore time in after-hours
trading on the New York Mercantile Exchange.
Yesterday, the contract declined $4.41, or 3.4 percent,
to settle at $126.62 a barrel, the lowest close since
May 16. It was the biggest drop since March 31.
Futures reached a record $135.09 on May 22.
Prices have more than doubled over the past year.
Saudi Arabia said yesterday that it increased oil
sales by 300,000 barrels per day in May and would
increase it by another 200,000 barrels a day
in July.The announcement was in line with
expectation.
Nigeria continues to have problems keeping
its oil production safe.Late last week a
120,000 barrels per day chevron plant was closed
after its pipe lines were attacked.Earlier last
week a 200,000 barrel per day shell facility
was closed.
Saturday, June 21, 2008
UPDATES ON JUNE 21 2008
JUNE 21 SATURDAY
SHORT TERM TREND : BEARISH : TARGET RS 5580
LONG TERM TREND : BULLISH : TARGET RS 6190
S1 RS 5720, S2 RS 5680, S3 RS 5620
R1 RS 5790, R2 RS 5840, R3 RS 5890
PREFER SHORTS AT RS 5780 TO 5790
STOP LOSS RS 5830
TARGET RS 5685
Crude Oil Rises as U.S. Dollar Weakens, Israel Conducts Drill .
Crude oil rose as the weaker dollar enhanced the
appeal of commodities as a currency hedge and the
New York Times reported that Israel held a
rehearsal for a potential bombing attack on
nuclear targets in Iran.
Crude oil for July delivery rose $2.69, or 2 percent,
to settle at $134.62 a barrel at 2:48 p.m. on the New
York Mercantile Exchange. Prices declined 24 cents
this week. Futures climbed to a record $139.89 on June 16.
Brent crude oil for August settlement rose
$2.86, or 2.2 percent, to settle at $134.86 a barrel
on London's ICE Futures Europe exchange. Prices
climbed to a record $139.32 on June 16.
SHORT TERM TREND : BEARISH : TARGET RS 5580
LONG TERM TREND : BULLISH : TARGET RS 6190
S1 RS 5720, S2 RS 5680, S3 RS 5620
R1 RS 5790, R2 RS 5840, R3 RS 5890
PREFER SHORTS AT RS 5780 TO 5790
STOP LOSS RS 5830
TARGET RS 5685
Crude Oil Rises as U.S. Dollar Weakens, Israel Conducts Drill .
Crude oil rose as the weaker dollar enhanced the
appeal of commodities as a currency hedge and the
New York Times reported that Israel held a
rehearsal for a potential bombing attack on
nuclear targets in Iran.
Crude oil for July delivery rose $2.69, or 2 percent,
to settle at $134.62 a barrel at 2:48 p.m. on the New
York Mercantile Exchange. Prices declined 24 cents
this week. Futures climbed to a record $139.89 on June 16.
Brent crude oil for August settlement rose
$2.86, or 2.2 percent, to settle at $134.86 a barrel
on London's ICE Futures Europe exchange. Prices
climbed to a record $139.32 on June 16.
Thursday, June 19, 2008
UPDATES ON JUNE 19 2008
JUNE 19 THURSDAY
SHORT TERM TREND : BULLISH : TARGET RS 5920
LONG TERM TREND : BULLISH : TARGET RS 6190
S1 RS 5785, S2 RS 5745, S3 RS 5710
R1 RS 5837, R2 RS 5882, R3 RS 5920
PREFER LONG AT RS 5785 TO 5780
STOP LOSS RS 5745
TARGET RS 5837
Crude steady above $ 134
Crude steadied above $ 134 a barrel on Wednesday
after falling for 3 days . as market awaited data
that is expected to show falling U.S crude stocks
ahead of an emergency meeting in Saudi Arabia
aimed at taming prices.
Crude oil for July delivery fell 11 cents to $126.51 a
barrel at 11:32 a.m. Singapore time in after-hours
trading on the New York Mercantile Exchange.
Yesterday, the contract declined $4.41, or 3.4
percent, to settle at $126.62 a barrel, the lowest
close since May 16. It was the biggest drop since
March 31. Futures reached a record $135.09 on May 22.
Prices have more than doubled over the past year.
Crude oil inventories fell 8.88 million barrels to
311.6 million last week, the department reported.
It was the biggest drop since Sept. 17, 2004, when
Hurricane Ivan forced the closure of U.S. oil platforms
in the Gulf of Mexico. The decline was caused by
``temporary delays'' in unloading tankers, the
department said.
SHORT TERM TREND : BULLISH : TARGET RS 5920
LONG TERM TREND : BULLISH : TARGET RS 6190
S1 RS 5785, S2 RS 5745, S3 RS 5710
R1 RS 5837, R2 RS 5882, R3 RS 5920
PREFER LONG AT RS 5785 TO 5780
STOP LOSS RS 5745
TARGET RS 5837
Crude steady above $ 134
Crude steadied above $ 134 a barrel on Wednesday
after falling for 3 days . as market awaited data
that is expected to show falling U.S crude stocks
ahead of an emergency meeting in Saudi Arabia
aimed at taming prices.
Crude oil for July delivery fell 11 cents to $126.51 a
barrel at 11:32 a.m. Singapore time in after-hours
trading on the New York Mercantile Exchange.
Yesterday, the contract declined $4.41, or 3.4
percent, to settle at $126.62 a barrel, the lowest
close since May 16. It was the biggest drop since
March 31. Futures reached a record $135.09 on May 22.
Prices have more than doubled over the past year.
Crude oil inventories fell 8.88 million barrels to
311.6 million last week, the department reported.
It was the biggest drop since Sept. 17, 2004, when
Hurricane Ivan forced the closure of U.S. oil platforms
in the Gulf of Mexico. The decline was caused by
``temporary delays'' in unloading tankers, the
department said.
Wednesday, June 18, 2008
UPDATES ON JUNE 18 2008
JUNE 18 2008
SHORT TERM TREND : SIDEWAYS : TARGET RS 5660 TO 5815
LONG TERM TREND : BULLISH ; TARGET RS 6190
MARKET IS EXPECTED TO MOVE SIDEWAYS.
Oil Falls a Fourth Day on Signs of U.S. Gasoline-
Demand Drop .
Crude oil fell for a fourth day in New York in
the longest losing streak this year as data
showed gasoline use in the U.S., the world's
largest consumer, is declining as record
prices curb demand.
Crude oil for July delivery fell as much as 85 cents,
or 0.6 percent, to $133.16 a barrel in after-hours
electronic trading on the New York Mercantile
Exchange. The contract was at $133.37 a barrel
at 12:52 p.m. in Singapore. The four-day decline
is the longest since Dec. 18.
The contract closed yesterday at $134.01, down
60 cents. Futures climbed to a record $139.89 a
barrel on June 16. Prices are 93 percent higher
than a year earlier.
Oil stockpiles probably dropped 1.75 million
barrels in the week ended June 13 from 302.2
million barrels, according to the median of
responses.
Saudi Arabia, the world's biggest oil exporter, has called
a meeting of producers, major industrial nations and banks
for June 22 in the country's Red Sea port of Jeddah to
discuss plans to stabilize prices.
SHORT TERM TREND : SIDEWAYS : TARGET RS 5660 TO 5815
LONG TERM TREND : BULLISH ; TARGET RS 6190
MARKET IS EXPECTED TO MOVE SIDEWAYS.
Oil Falls a Fourth Day on Signs of U.S. Gasoline-
Demand Drop .
Crude oil fell for a fourth day in New York in
the longest losing streak this year as data
showed gasoline use in the U.S., the world's
largest consumer, is declining as record
prices curb demand.
Crude oil for July delivery fell as much as 85 cents,
or 0.6 percent, to $133.16 a barrel in after-hours
electronic trading on the New York Mercantile
Exchange. The contract was at $133.37 a barrel
at 12:52 p.m. in Singapore. The four-day decline
is the longest since Dec. 18.
The contract closed yesterday at $134.01, down
60 cents. Futures climbed to a record $139.89 a
barrel on June 16. Prices are 93 percent higher
than a year earlier.
Oil stockpiles probably dropped 1.75 million
barrels in the week ended June 13 from 302.2
million barrels, according to the median of
responses.
Saudi Arabia, the world's biggest oil exporter, has called
a meeting of producers, major industrial nations and banks
for June 22 in the country's Red Sea port of Jeddah to
discuss plans to stabilize prices.
Tuesday, June 17, 2008
UPDATES ON JUNE 17 TUESDAY
JUNE 17 TUESDAY
SHORT TERM TREND : SIDEWAYS : TARGET RS 5685 TO 5860
LONG TERM TREND : BULLISH : TARGET RS 6190
MARKET IS EXPECTED TO MOVE SIDEWAYS.
Oil steadied near $135 after falling earlier on news
that Saudi Arabia would boost output in July in a
bid to cool record prices.
In London, Brent crude for August delivery was down
11 cents at $135.00 a barrel.
SHORT TERM TREND : SIDEWAYS : TARGET RS 5685 TO 5860
LONG TERM TREND : BULLISH : TARGET RS 6190
MARKET IS EXPECTED TO MOVE SIDEWAYS.
Oil steadied near $135 after falling earlier on news
that Saudi Arabia would boost output in July in a
bid to cool record prices.
In London, Brent crude for August delivery was down
11 cents at $135.00 a barrel.
Friday, June 13, 2008
UPDATES ON JUNE 13 FRIDAY
JUNE 13 FRIDAY
SHORT TERM TREND : SIDEWAYS : TARGET RS 5745 TO 5920
LONG TERM TREND : BULLISH : TARGET RS 6190
Oil prices fell Thursday as the dollar strengthened
and as traders took profits after a five-dollar gain
in response to a US government report that
showed American crude reserves dipped for
a fourth week running.
At 2:30 p.m., New York-traded WTI crude for July
delivery was down $2.54 at $133.85 a barrel.
In London, Brent crude for July delivery was
down $2.02 at $133.00 a barrel.
SHORT TERM TREND : SIDEWAYS : TARGET RS 5745 TO 5920
LONG TERM TREND : BULLISH : TARGET RS 6190
Oil prices fell Thursday as the dollar strengthened
and as traders took profits after a five-dollar gain
in response to a US government report that
showed American crude reserves dipped for
a fourth week running.
At 2:30 p.m., New York-traded WTI crude for July
delivery was down $2.54 at $133.85 a barrel.
In London, Brent crude for July delivery was
down $2.02 at $133.00 a barrel.
Wednesday, June 11, 2008
UPDATES ON JUNE 11 2008
JUNE 11 WEDNESDAY
SHORT TERM TREND : BEARISH : TARGET RS 5580
LONG TERM TREND : BULLISH : TARGET RS 6190
MARKET IS EXPECTED TO MOVE SIDEWAYS TO LOWER.
Crude Oil Falls More Than $3 as Dollar Rises Against
Euro, Yen .
Crude oil fell more than $3 a barrel in New York as
the dollar climbed against the euro and yen,
curbing the appeal of commodities.
Crude oil for July delivery fell $3.04, or 2.3 percent,
to settle at $131.31 a barrel at 2:46 p.m. on the New
York Mercantile Exchange. Oil has dropped $7.23,
or 5.2 percent, yesterday and today, the biggest
two-day drop in 11 weeks. Futures have more
than doubled over the past year.
Prices climbed $10.75 a barrel on June 6, the
most ever, to a record $139.12 as the dollar
weakened and amidst threat of supply
disruptions.
The International Energy Agency cut its forecas
t for global oil demand for a fifth month as record
prices dented consumption. The IEA reduced its
2008 outlook by about 70,000 barrels a day to
86.77 million barrels a day from 86.84 million
last month, the Paris-based agency said today
in its monthly report. That leaves demand growth
for this year at 0.9 percent
Brent crude oil for July settlement declined $2.89,
or 2.2 percent, to settle at $131.02 a barrel on
London's ICE Futures Europe exchange. Prices
climbed to a record $138.12 on June 6.
SHORT TERM TREND : BEARISH : TARGET RS 5580
LONG TERM TREND : BULLISH : TARGET RS 6190
MARKET IS EXPECTED TO MOVE SIDEWAYS TO LOWER.
Crude Oil Falls More Than $3 as Dollar Rises Against
Euro, Yen .
Crude oil fell more than $3 a barrel in New York as
the dollar climbed against the euro and yen,
curbing the appeal of commodities.
Crude oil for July delivery fell $3.04, or 2.3 percent,
to settle at $131.31 a barrel at 2:46 p.m. on the New
York Mercantile Exchange. Oil has dropped $7.23,
or 5.2 percent, yesterday and today, the biggest
two-day drop in 11 weeks. Futures have more
than doubled over the past year.
Prices climbed $10.75 a barrel on June 6, the
most ever, to a record $139.12 as the dollar
weakened and amidst threat of supply
disruptions.
The International Energy Agency cut its forecas
t for global oil demand for a fifth month as record
prices dented consumption. The IEA reduced its
2008 outlook by about 70,000 barrels a day to
86.77 million barrels a day from 86.84 million
last month, the Paris-based agency said today
in its monthly report. That leaves demand growth
for this year at 0.9 percent
Brent crude oil for July settlement declined $2.89,
or 2.2 percent, to settle at $131.02 a barrel on
London's ICE Futures Europe exchange. Prices
climbed to a record $138.12 on June 6.
Tuesday, June 10, 2008
UPDATES ON JUNE 10 2008
JUNE 10 TUESDAY
SHORT TERM TREND : SIDEWAYS TARGET RS 5750 TO 5895
LONG TERM TREND : BULLISH TARGET RS 6190
MARKET IS EXPECTED TO MOVE SIDEWAYS
Oil's record jump to $139 a barrel at the end of last week defies
any single explanation, altough some leading analyst and
producers predict the price could go higher.
Crude jumped $10.75 on Friday to $139.12, taking two-day
gains to more than $16. Some put the move down to comments
by an Israeli minister about a possible attack on Iran, the world's
fourth-largest producer
Banks such as Goldman Sachs and Barclays are prominent
among those saying oil market fundamentals are a key factor
in rising prices. Producers, including Organisation of Petroleum
Exporting Countries (Opec), tend to blame factors other than
supply, such as speculation.
SHORT TERM TREND : SIDEWAYS TARGET RS 5750 TO 5895
LONG TERM TREND : BULLISH TARGET RS 6190
MARKET IS EXPECTED TO MOVE SIDEWAYS
Oil's record jump to $139 a barrel at the end of last week defies
any single explanation, altough some leading analyst and
producers predict the price could go higher.
Crude jumped $10.75 on Friday to $139.12, taking two-day
gains to more than $16. Some put the move down to comments
by an Israeli minister about a possible attack on Iran, the world's
fourth-largest producer
Banks such as Goldman Sachs and Barclays are prominent
among those saying oil market fundamentals are a key factor
in rising prices. Producers, including Organisation of Petroleum
Exporting Countries (Opec), tend to blame factors other than
supply, such as speculation.
Friday, June 6, 2008
UPDATES ON JUNE 6 FRIDAY
JUNE 6 FRIDAY
SHORT TERM TREND : BULLISH : TARGET RS 5475
LONG TERM TREND : BULLISH ; TARGET RS 5490
S1 RS 5345, S2 RS 5310, S3 RS 5275
R1 RS 5395, R2 RS 5426, R3 5475
WAIT FOR SUPPORT FOR FRESH LONG.
Oil continued higher towards $130 a barrel on Friday, extending the
previous session's record-breaking one-day rise as the U.S. dollar
slumped on signals the European Central Bank may raise interest
rates later this year.
At 10:12 a.m., New York-traded WTI crude for July delivery was up $1.76
at $129.55 a barrel. On Thursday, the contract staged a dramatic
turnaround, bouncing over $6 off its intraday low of $121.61 to close
above $127 a barrel.
In London, Brent crude for July delivery was up $1.41 at $128.95 a barrel.
Crude prices have been closely linked to the dollar in recent months,
as falls in the greenback make dollar-priced commodities cheaper for
holders of other currencies while also encouraging investors to buy
hard assets like oil as a financial hedge.
SHORT TERM TREND : BULLISH : TARGET RS 5475
LONG TERM TREND : BULLISH ; TARGET RS 5490
S1 RS 5345, S2 RS 5310, S3 RS 5275
R1 RS 5395, R2 RS 5426, R3 5475
WAIT FOR SUPPORT FOR FRESH LONG.
Oil continued higher towards $130 a barrel on Friday, extending the
previous session's record-breaking one-day rise as the U.S. dollar
slumped on signals the European Central Bank may raise interest
rates later this year.
At 10:12 a.m., New York-traded WTI crude for July delivery was up $1.76
at $129.55 a barrel. On Thursday, the contract staged a dramatic
turnaround, bouncing over $6 off its intraday low of $121.61 to close
above $127 a barrel.
In London, Brent crude for July delivery was up $1.41 at $128.95 a barrel.
Crude prices have been closely linked to the dollar in recent months,
as falls in the greenback make dollar-priced commodities cheaper for
holders of other currencies while also encouraging investors to buy
hard assets like oil as a financial hedge.
Thursday, June 5, 2008
UPDATES ON 5 JUNE 2008
JUNE 5 THURSDAY
SHORT TERM TREND : BEARISH : TARGET RS 5140
LONG TERM TREND : BULLISH : TARGET RS 5690
S1 RS 5215, S2 RS 5180, S3 RS 5154
R1 RS 5272, R2 RS 5305, R3 RS 5345
PREFER SHORTS AT RS 5265 TO 5270
STOP LOSS RS 5305
TARGET RS 5215
Crude oil fell more than $2 a barrel and gasoline dropped the most
in two months on a larger-than- expected U.S. fuel-supply gain and
signs demand will weaken because of increasing prices.
Crude oil for July delivery fell $2.01, or 1.6 percent, to settle at $122.30
a barrel at 2:43 p.m. on the New York Mercantile Exchange, the lowest
close since May 6. Futures, which reached a record $135.09 a barrel
on May 22, are up 85 percent from a year ago.
Crude-oil inventories fell 4.8 million barrels to 306.8 million barrels
last week. Analysts were split over whether crude-oil supplies rose
or fell in the Bloomberg News survey.
SHORT TERM TREND : BEARISH : TARGET RS 5140
LONG TERM TREND : BULLISH : TARGET RS 5690
S1 RS 5215, S2 RS 5180, S3 RS 5154
R1 RS 5272, R2 RS 5305, R3 RS 5345
PREFER SHORTS AT RS 5265 TO 5270
STOP LOSS RS 5305
TARGET RS 5215
Crude oil fell more than $2 a barrel and gasoline dropped the most
in two months on a larger-than- expected U.S. fuel-supply gain and
signs demand will weaken because of increasing prices.
Crude oil for July delivery fell $2.01, or 1.6 percent, to settle at $122.30
a barrel at 2:43 p.m. on the New York Mercantile Exchange, the lowest
close since May 6. Futures, which reached a record $135.09 a barrel
on May 22, are up 85 percent from a year ago.
Crude-oil inventories fell 4.8 million barrels to 306.8 million barrels
last week. Analysts were split over whether crude-oil supplies rose
or fell in the Bloomberg News survey.
Tuesday, June 3, 2008
UPDATES ON 3 JUNE 2008
JUNE 3 TUESDAY
SHORT TERM TREND : SIDEWAYS ; TARGET RS 5360 TO 5538
LONG TERM TREND : BULLISH : TARGET RS 5890
S1 RS 5410 , S2 RS 5365, S3 RS 5320
R1 RS 5472, R2 RS 5506, R3 RS 5538
MARKET EXPECTED TO MOVE SIDEWAYS
Oil pluinged on fars of lower demand after recent record prices,
Dollar strength and receding worries about the Hurricane season.
Meanwhile, traders kept an eye on the hurricane season's
developments. The Atlantic hurricane season kicked off with
Tropical Storm Arthur. The storm, which dumped rain on southern
portions of Mexico as well as Guatemala and Belize, will most
likely stay over land and break up. High seas in the Gulf of Mexico
will calm today as Arthur misses the Bay of Campeche and its
Cantarell oilfield.
At 2:27 p.m., New York-traded West Texas Intermediate crude for July delivery
was down $1.43 at $125.92 a barrel.
Looking ahead, traders are likely to focus on the hurricane season, and
U.S. gasoline demand now the summer driving season is underway, as well as
the dollar and tensions between Iran and the West.
SHORT TERM TREND : SIDEWAYS ; TARGET RS 5360 TO 5538
LONG TERM TREND : BULLISH : TARGET RS 5890
S1 RS 5410 , S2 RS 5365, S3 RS 5320
R1 RS 5472, R2 RS 5506, R3 RS 5538
MARKET EXPECTED TO MOVE SIDEWAYS
Oil pluinged on fars of lower demand after recent record prices,
Dollar strength and receding worries about the Hurricane season.
Meanwhile, traders kept an eye on the hurricane season's
developments. The Atlantic hurricane season kicked off with
Tropical Storm Arthur. The storm, which dumped rain on southern
portions of Mexico as well as Guatemala and Belize, will most
likely stay over land and break up. High seas in the Gulf of Mexico
will calm today as Arthur misses the Bay of Campeche and its
Cantarell oilfield.
At 2:27 p.m., New York-traded West Texas Intermediate crude for July delivery
was down $1.43 at $125.92 a barrel.
Looking ahead, traders are likely to focus on the hurricane season, and
U.S. gasoline demand now the summer driving season is underway, as well as
the dollar and tensions between Iran and the West.
Monday, June 2, 2008
UPDATES ON JUNE 2 2008
JUNE 2 2008 MONDAY
SHORT TERM TREND : BEARISH : TARGET RS 5320
LONG TERM TREND : BULLISH ; TARGET RS 5890
PREFER SHORT AT 5430 TO 5435
STOP LOSS RS 5468
TARGET RS 5365.
OIL PRICES MIXED IN ASIAN TRADE AMID NEGATIVE NEWS ON
GLOBAL ECONOMY
World oil prices were mixed in Asian trade Monday amid negative news on the
global economy, which could dampen demand for oil.
In morning trade, New York's main oil futures contract, light sweet crude for
July delivery, slipped 4 cents to $127.31 per barrel.
Prices fell heavily last week as traders took profits from a record-breaking
run that saw crude surge beyond $135 on concerns about tightening energy
supplies.
SHORT TERM TREND : BEARISH : TARGET RS 5320
LONG TERM TREND : BULLISH ; TARGET RS 5890
PREFER SHORT AT 5430 TO 5435
STOP LOSS RS 5468
TARGET RS 5365.
OIL PRICES MIXED IN ASIAN TRADE AMID NEGATIVE NEWS ON
GLOBAL ECONOMY
World oil prices were mixed in Asian trade Monday amid negative news on the
global economy, which could dampen demand for oil.
In morning trade, New York's main oil futures contract, light sweet crude for
July delivery, slipped 4 cents to $127.31 per barrel.
Prices fell heavily last week as traders took profits from a record-breaking
run that saw crude surge beyond $135 on concerns about tightening energy
supplies.
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