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.
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