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.