AUG 20 WEDNESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4945 , S2 RS 4900
R1 RS 5050 , R2 RS 5110
WAIT FOR CONFIRMATION
Oil Rises a Second Day on Dollar Drop, Gasoline Supply Forecast .
Crude oil rose for a second day as a weakening dollar
prompted investors to buy commodities as an
inflation hedge.
Oil rebounded as the dollar fell against the euro from its
highest level since Feb. 20. Prices had declined in the
previous three trading sessions before yesterday,
reaching $112.87 a barrel on Aug. 18, the lowest
close since May 1. Crude also gained on forecasts a
government report today will show a fourth weekly
decline in U.S. gasoline stockpiles.
Crude oil for September delivery rose as much as 83 cents, or
0.7 percent, to $115.36 a barrel on the New York Mercantile
Exchange and was at $115.06 at 1:05 p.m. Singapore time.
Futures touched a 15-week low of $111.34 a barrel on
Aug. 15. Prices are up 62 percent from a year ago.
Yesterday, futures gained $1.66, or 1.5 percent,
to settle at $114.53 a barrel.
The September oil contract expires at the close of Nymex
trading today. The more-active October contract gained
as much as 84 cents, or 0.7 percent, to $115.38 a barrel.
It was at $115.07 a barrel at 1:04 p.m. Singapore time.
The U.S. Dollar Index in New York, which tracks the
currency against six others, fell for a third day after
rising to its highest since January last week. The index,
traded on ICE Futures in New York, was down 0.1
percent to 76.742.
Brent crude oil for October settlement rose as much as 90
cents, or 0.8 percent, to $114.15 a barrel on London's ICE
Futures Europe exchange. It was at $113.70 a barrel at
12:59 p.m. Singapore time. The contract yesterday
increased $1.31, or 1.2 percent, to settle at $113.25
a barrel.
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