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.