JULY 1 2008

JULY 1 TUESDAY

SHORT TERM TREND : BULLISH : TARGET RS 6230

LONG TWERM TREND : BULLISH : TARGET RS 6360

S1 RS 6053, S2 RS 6020, S3 RS 5990

R1 RS 6130, R2 RS 6180, R3 RS 6230

PREFER LONG AT RS 6055 TO 6050

STOP LOSS RS 6020

TARGET RS 6130

Oil Trades Above $141 on Concern Iran May Face Military Attacks

Crude oil rose in New York on concern that Iran, the

second-largest producer in the Organization of Petroleum

Exporting Countries, may face military attacks over its

nuclear program, disrupting Middle East supplies.

Oil climbed above $141 a barrel after U.S. officials urged

tighter sanctions on Iran and a military spokesman

vowed to keep supplies moving through the Strait of

Hormuz. BP Plc, Europe's second-largest oil company,

said it's ``very disappointed'' that many expatriate

TNK-BP Holding staff will have to leave Russia

following refusal of work visas.

Crude oil for August delivery rose as much as $1.44,

or 1 percent, to $141.44 a barrel in after-hours

trading on the New York Mercantile Exchange.

It was at $141.06 a barrel at 2:47 p.m. Singapore time.

Yesterday, it touched a record $143.67 before retreating

to settle 21 cents lower at $140 a barrel. The price

climbed 38 percent between April and June, the biggest

quarterly increase in nine years.

Brent crude oil for August settlement climbed as much as

$1.50, or 1.1 percent, to $141.33 a barrel on London's

ICE Futures Europe exchange and was trading at

$141 at 2:48 p.m. Singapore time. The contract fell

48 cents, or 0.3 percent, to $139.83 a barrel yesterday,

after reaching a record $143.91.