UPDATES ON JULY 16 2008

JULY 16 WEDNESDAY

SHORT TERM TREND : BEARISH: TARGET RS 5860

LONG TERM TREND : BULLISH: TARGET RS 6460

S1 RS 5940, S2 RS 5905, S3 RS 5860

R1 RS 6025, R2 RS 6070, R3 RS 6120

PREFER SHORTS AT RS 6025 TO 6035

STOP LOSS RS 6070

TARGET RS 5940

Crude Oil Trades Near $139 After $6 Drop as U.S. Demand Slows .

Crude oil was little changed near $139 a barrel in New York

after its biggest one-day slide in more than 18 years

yesterday as slowing economic growth reduces demand.

Oil had its largest dollar decline since Jan. 17, 1991, and the

biggest percentage drop yesterday since March as

Federal Reserve Chairman Ben S. Bernanke said risks

to growth and inflation have risen. U.S. gasoline demand

fell 5.2 percent last week, the 12th consecutive weekly drop.

Crude oil for August delivery was down 5 cents at $138.69 a

barrel at 11:25 a.m. Singapore time in electronic trading on

the New York Mercantile Exchange. Futures reached a record

$147.27 a barrel on July 11 and have risen 87 percent in the

past year.

Oil fell $9.26 to $135.92 a barrel at 11 a.m. New York time

from $144 a barrel at 10:30 a.m. yesterday, and settled

$6.44, or 4.4 percent, lower at $138.74 a barrel.

Brent crude oil for August settlement traded 14 cents higher

at $138.89 a barrel at 11:21 a.m. Singapore time on London's

ICE Futures Europe exchange. Yesterday, it fell $5.17, or 3.6

percent, to $138.75 a barrel. The August contract, which expires

today, reached a record $147.50 on July 11. The more widely

held September contract dropped $5.47, or 3.8 percent,

yesterday to $139.86 a barrel.

Crude supplies probably declined 2.2 million barrels in the

week ended July 11 from 293.9 million the week before,

according to the median of 10 responses by analysts

surveyed before an Energy Department report at 10:35 a.m

Washington time today.