AUG 8 FRIDAY
SHORT TERM TREND : BEARISH : TARGET RS 4930
LONG TERM TREND :BULLISH : TARGET RS 6460
S1 RS 4970, S2 RS 4930, S3 RS 4880
R1 RS 5025, R2 RS 5070, R3 RS 5110
PREFER SHORT AT RS 5025 TO 5030
STOP LOSS RS 5070
TARGET RS 4960
Oil Heads for Weekly Decline as Demand Slows, Dollar Gains .
Crude oil headed for its fourth decline in five weeks as
demand fell and the dollar gained, reducing the appeal of
commodities as an inflation hedge.
Fuel consumption in the U.S., the world's biggest energy consumer,
dropped 2.6 percent in the four weeks to Aug. 1 from a year
ago, according to Energy Department data. New York crude
futures have fallen 19 percent from a record $147.27 a
barrel on July 11 as an economic slowdown made
motorists drive less.
Crude oil for September delivery fell as much as 52 cents, or
0.4 percent, to $119.50 a barrel on the New York Mercantile
Exchange, and traded at $119.58 at 12:41 p.m. Singapore time.
Price have fallen 4.4 percent this week.
Yesterday, oil rose $1.44, or 1.2 percent, to settle at $120.02 a
barrel in New York. Futures dropped to $117.11 a barrel this
week after U.S. inventories unexpectedly increased.
That's more than 20 percent below the record $147.27 on
July 11, a threshold commonly seen as the start of a bear
market.
Brent crude for September settlement fell as much as 39 cents, or
0.3 percent, to $117.47 a barrel on London's ICE Futures Europe
exchange. Yesterday, it gained 86 cents, or 0.7 percent, to settle
at $117.86 a barrel yesterday.
Crude-oil supplies rose 1.61 million barrels, or 0.6 percent, last week,
the U.S. Energy Department said on Aug. 6. Gasoline supplies fell
4.34 million barrels, or 2 percent, to 209.2 million barrels, the
biggest drop since April.
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