AUG 28 THURSDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 5105 , S2 RS 5065
R1 RS 5185 , R2 RS 5240
Crude rose for a third day on Wednesday ,
lifted by the possibility that Tropical Storm
Gustav could become the first major storm
since 2005 to threaten US Gulf oil and gas
installations.
London Brent Crude gained $ 2.31 to $ 116 .94
a barrel.
Oil could head towards last weks three week
high of just $ 112 a barrel in the next few days
depending upon Gustav's path .
Gustav was downgraded into a tropical storm
on Wednesday after it came ashore in Haiti,
but forecasters expect wind speed to regain
Hurricane force as it crosses over warm
waters south of Cuba.
Oil hit a record peak of $ 147.27 on July 11,
propelled by the weak dollar investment inflows
and concerns about the long term supply
outlook.
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