UPDATES ON JULY 24 2008

JULY 24 THURSDAY

SHORT TERM TREND : BEARISH : TARGET RS 5230

LONG TERM TREND : BULLISH: TARGET RS 6460

S1 RS 5300, S2 RS 5260, S3 RS 5200

R1 RS 5380, R2 RS 5440, R3 RS 5490

PREFER SHORTS AT RS 5380 TO 5375

STOP LOSS RS 5440

TARGET RS 5250

Oil Trades Near Seven-Week Low as U.S., Japanese Demand Drops .

\Crude oil traded near a seven-week low after reports

showed demand in the U.S. and Japan, two of the

three largest oil consuming countries, fell as high prices

crimp fuel consumption.

Crude oil for September delivery was at $124.32 a barrel,

down 12 cents, at 1:06 p.m. Singapore time on the New York

Mercantile Exchange. Yesterday, oil dropped $3.98, or

3.1 percent, to settle at $124.44 a barrel, the lowest

close since June 4. Futures have lost 5 percent this week.


Oil prices also fell as the Energy Department report showed

that gasoline supplies rose 2.85 million barrels last week.

Stockpiles of distillate fuel, a category that includes heating

oil and diesel, climbed 2.42 million barrels.

Brent crude oil for September settlement was at $125.18 a barrel,

down 11 cents, on London's ICE Futures Europe exchange at

12:30 p.m. Singapore time. It dropped $4.26, or 3.3 percent,

to close at $125.29 a barrel yesterday, the lowest

settlement since June 4.

Crude-oil inventories dropped 1.56 million barrels to

295.3 million. Stockpiles were forecast to decline

675,000 barrels, according to the survey results.

Oil has tumbled 16 percent from a record $147.27 a

barrel on July 11, as a stronger U.S. dollar limited

the appeal of commodities as a hedge against inflation

and high prices cut fuel consumption. Prices also fell

the past two days as Hurricane Dolly moved away

from oil platforms in the Gulf of Mexico.

The dollar traded at 107.76 yen at 12:40 p.m. in Tokyo,

from 107.90 yesterday. It earlier reached 107.98,

the highest since June 26. The U.S. currency was at

$1.5697 per euro, after yesterday touching $1.5670,

the strongest level since July 9.