UPDATES ON AUG 13 2008

AUG 13 WEDNESDAY

SHORT TERM TREND : BEARISH : TARGET RS 4740

LONG TERM TREND : BULLISH : TARGET RS 5260

S1 RS 4810 , S2 RS 4765 , S3 RS 4730

R1 RS 4885 , R2 RS 4920 , R3 RS 4960

PREFER SHORT AT RS 4880 TO 4885

STOP LOSS RS 4920

TARGET RS 4820

Oil Trades Near 14-Week Low on Signs of Slowing Fuel Demand .

Crude oil traded near the lowest in 14 weeks on speculation that

a U.S. government report today will show refiners cut output,

signaling a drop in demand in the world's largest energy

consumer.

Crude oil for September delivery was at $113.32 a barrel, up

31 cents, in after-hours electronic trading on the New York

Mercantile Exchange at 12:34 p.m. Singapore time.

Yesterday, futures lost $1.44, or 1.3 percent, to settle at

$113.01 a barrel, the lowest close since May .

Oil has slipped 23 percent from a record $147.27 on July 11.

Prices are still 58 percent higher than a year earlier.

Most energy and metals futures dropped yesterday as the

U.S. dollar rose to a 5 1/2-month high versus the euro,

weakening the appeal of commodities as a hedge

against inflation.

Brent crude oil for September settlement was at $111.22 a barrel,

up 7 cents, on London's ICE Futures Europe exchange at 12:06 p.m.

Singapore time. It dropped $1.52, or 1.4 percent, to settle at

$111.15 a barrel yesterday, the lowest since May 1. The

contract expires tomorrow.

The more active October future was at $112.52 a barrel, up


2 cents, at 12:21 p.m. Singapore time.

Crude prices also fell because so-called long positions, or

traders that have bought futures, declined, said

ANZ's Pervan.

The open interest, or the number of contracts that haven't

been closed, liquidated, or delivered, for Nymex oil has

dropped 2.6 percent to 1.24 million contracts today

versus 1.27 million on Aug. 6.

Speculative short positions, or bets that prices will fall,

outnumbered long positions by 5,550 contracts on the

New York Mercantile Exchange in the week ended Aug. 5,

the Commodity Futures Trading Commission said in its

Commitments of Traders report on Aug. 8. Net-short

positions rose by 4,890 contracts, or 741 percent, from

a week earlier.