AUG 29 FRIDAY
SHORT TERM TREND: SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 5035 , S2 RS 4970
R1 RS 5135 , R2 RS 5180
MARKET IS EXPECTED TO MOVE SIDEWAYS
Crude oil trades dropped sharply from topping
$ 120 a barrel on uncertainity over the path of
storm Gustav , which continued to move
towards the heart of U.S , offshore production.
Prices had topped $ 120 a barrel but uncertainity
over its path is preventing a rally.
October Crude Futures traded at $ 114.15 a barrel
down $ 4 from Thursdays prices in London.
A new storm system which could threaten east coast
is also being eyed.
The International Energy Agency said it is ready to
coordinate the release of oil stocks from member states
if supplies are sharply disrupted in the U.S Gulf of
Mexico.
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