AUG 27 WEDNESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
SUPPORT 1 RS 5070, SUPPORT 2 RS 5010
RESISTENCE 1 RS 5160 , RESISTENCE 2 RS 5210
MARKET IS EXPECTED TO MOVE SIDEWAYS
Crude Oil Rises a Third Day on Storm Threat in Gulf of Mexico .
Crude oil rose for a third day in New York as meteorologists
forecast that Tropical Storm Gustav will enter the Gulf
of Mexico, home to more than a fifth of U.S. oil production.
Crude oil for October delivery rose as much as 85 cents,
or 0.7 percent, to $117.12 a barrel on the New York
Mercantile Exchange. It was trading at $116.49 at
2:56 p.m. Singapore time. Prices are up 62 percent
from a year ago.
Futures have dropped 21 percent from a record $147.27
barrel reached on July 11, the highest since trading began
in 1983. Yesterday, oil rose $1.16, or 1 percent, to settle
at $116.27 a barrel.
U.S. crude oil and fuel production plunged and prices rose to
records when hurricanes Katrina and Rita shut refineries
and platforms as they struck the Gulf of Mexico coast in
August and September 2005. Katrina closed 95 percent
of offshore output in the region. Almost 19 percent of U.S.
refining capacity was idled because of damage and
blackouts caused by the hurricanes.
Prices were also supported by Russia's dispute with the
U.S. and European Union on Georgia's breakaway regions
and the possibility that it could lead to supply disruptions.
Russia is the world's second-largest oil producer.
Brent crude oil for October settlement rose as much as 87 cents,
or 0.8 percent, to $115.50 a barrel on London's ICE Futures
Europe exchange. It was at $114.90 a barrel at 2:56 p.m.
Singapore time.
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