AUG 12 TUESDAY
SHORT TERM TREND : BEARISH : TARGET RS 4670
LONG TERM TREND : BULLISH : TARGET RS 5260
S1 RS 4735, S2 RS 4700, S3 RS 4670
R1 RS 4794, R2 RS 4820, R3 RS 4856
PREFER SHORT AT RS 4790 TO 4795
STOP LOSS RS 4820
TARGET RS 4735
Oil Falls for a Third Day as Economic Slowdown May Cut Demand .
Crude oil fell for a third day on signs that a U.S. economic
slump will extend into 2009, paring fuel demand in the
world's biggest oil consumer.
Crude oil for September delivery fell as much as $1.16, or 1 percent,
to $113.29 a barrel, in after-hours electronic trading on the New York
Mercantile Exchange. It was at $113.42 a barrel at 2:11 p.m.
Singapore time.
Yesterday, futures fell 75 cents, or 0.7 percent, to settle at $114.45 a
barrel, the lowest close since May 1. Oil has declined 23 percent
from the record $147.27 reached on July 11.
Prices are also down as the dollar gained on speculation the economic
slowdown that started in the U.S. is spreading. The dollar traded at
$1.4872 against the euro at 10:23 a.m. in Tokyo from $1.4909
yesterday.
Prices rose in early trading yesterday as five days of clashes between
Russia and Georgia threatened alternative export routes from Azerbaijan,
needed because of a pipeline fire.
Brent crude oil for September settlement fell as much as $1.29, or
1.1 percent, to $111.38 a barrel on London's ICE Futures
Europe exchange. It was at $111.46 a barrel at 2:12 p.m.
Singapore time. It declined 66 cents, or 0.6 percent, to settle at
$112.67 a barrel yesterday, the lowest close since May 1.
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