AUG 22 FRIDAY
SHORT TERM TREND : BULLISH
LONG TERM TREND : BEARISH
S1 RS 5215 , S2 RS 5165
R1 RS 5285 , R2 RS 5360
BUY AT RS 5220 TO 5215
STOP LOSS RS 5165
TARGET RS 5285
Oil Heads for Biggest Weekly Gain in Two Months on Dollar Drop .
Crude oil is headed for its biggest weekly increase in more
than two months after rising almost 5 percent yesterday
as the dollar slumped, prompting investors to buy
commodities.
Oil is poised for its first weekly gain in two weeks and its largest
increase since June 6. Energy and metals futures climbed as
the U.S. currency fell the most against the euro in more
than a month.
Crude oil for October delivery was at $121.43 a barrel, down
25 cents, at 11:22 a.m. Singapore time on the New York Mercantile
Exchange. Yesterday, the contract surged $5.62, or 4.9 percent,
to settle at $121.18 a barrel, the biggest increase since June 6.
Futures are down 18 percent from a record $147.27 reached
on July 11. Prices are up 75 percent from a year ago.
Brent crude oil for October settlement was at $120.45 a barrel,
up 29 cents, on London's ICE Futures Europe exchange at 11:21
a.m. Singapore time. It yesterday rose $5.80, or 5.1 percent, to
settle at $120.16 a barrel.
The dollar traded at $1.4866 per euro at 11:24 a.m. in Singapore.
It dropped 1 percent yesterday and touched $1.4903, the
weakest level since Aug. 14 and the biggest fall since June.
The dollar has risen 4.8 percent versus the euro in August,
which would be the biggest monthly gain since May 2001.
Poland signed an agreement on Aug. 20 with the U.S. to
host an American anti-missle base and to provide aid to
bolster the country's air defenses. Russia has warned the
move will lead to a new arms race in Europe and is
reconsidering its ties with the North Atlantic Treaty
Organization.
Russia has defied calls by U.S. President George W. Bush and
other Western leaders for an immediate withdrawal from
Georgia since a cease-fire agreement last week ended five
days of fighting.
The Baku-Supsa pipeline, which pumps more than 100,000
barrels of oil a day from Azerbaijan to the Georgian port of
Supsa on the Black Sea coast, is still shut on security
concerns following fighting between Georgian and
Russian troops.
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