UPDATES ON JULY 22 2008

JULY 22 TUESDAY

SHORT TERM TREND : BEARISH : TARGET RS 5460

LONG TERM TREND : BULLISH : TARGET RS 6460

S1 RS 5560, S2 RS 5510, S3 RS 5460

R1 RS 5630, R2 RS 5685, R3 RS 5730

PREFER SHORT AT RS 5630 TO 5640

STOP LOSS RS 5685

TARGET RS 5560

Crude Oil Falls as Storm Forecast to Miss Gulf Production Areas .

Crude oil fell in New York as forecasters said a storm in

the Gulf of Mexico will probably miss the main U.S.

production areas, easing concern that supplies

will be disrupted.

Crude oil for August delivery fell as much as 77 cents, or

0.6 percent, to $130.27 a barrel on the New York Mercantile

Exchange. It was at $130.51 a barrel at 2:04 p.m. Singapore

time. Futures are up 74 percent from a year ago.

Yesterday, oil rose $2.16, or 1.7 percent, to settle at $131.04

a barrel. It was the first increase in five days. The August contract

expires today. The more-active September futures declined

43 cents, or 0.3 percent, to $131.39 a barrel at 1:43 p.m.

Singapore time.

Oil settled at $128.88 on July 18, the lowest close since June 5.

Prices dropped 11 percent last week, the most in more than

three years, on signs of slowing global economic growth and

faltering U.S. fuel demand.

Brent crude oil for September settlement fell as much as 71

cents, or 0.5 percent, to $131.90 a barrel on London's ICE

Futures Europe exchange. It was at $132.14 a barrel at 2:06

p.m. Singapore time. The contract yesterday rose $2.42, or

1.9 percent, to settle at $132.61 a barrel. Prices climbed to

a record $147.50 on July 11 .

U.S. oil inventories have fallen in seven of the past nine

weekly government supply reports. Stockpiles rose 2.95 million

barrels in the week ended July 11, the Energy Department

said last week.