UPDATE

MARKET UPDATE

TECHNICAL ANALYSIS

CRUDE OIL TRADED TRADED UNDER NYMEX MAY BE

SOME SUPPORT AT $100.12 WHICH ACT AS CRUCIAL LEVELS

FURTHER TO WHICH IF OIL SUSTAINS AT THESE LEVELS

THEN A BULLISH CYCLE IS EXPECTED HOWEVER A BREAK

IN THESE LELS MAY SEE OIL LEVEL SGO DOWN TO $ 80.

AT MCX INDIA LEVELS SUPPORT IS AT RS.45OO AND

THE DOWN SIDE LEVELS AT RS.4180.

OUTLOOK

WITH THE FALL IN THE PRODUCTION LEVELS IN BOTH

OPEC BODY AND OIL PRODUCING FACILITIES FROM THE

GULF OF MEXICO THE PRICE INDEX IS EXPECTECTED

TO RISE WHILE THE REPORT ON STOCK LEVELS

AND IEA DEMAND PROJECTION MIGHT PULL THE GAINS

THOUGH MUCHOF THE MOVEMENT CAN BE CONCLUDED

WITH THE CLOSING OF THE WEEKS TRADE.

IT IS BELIEVED THAT HURRICANES IN THE COMING WEEK

MAYCOME LARGER THAN EXPECTED OUTAGES IN THE US

GULF OF MEXICO , WHERE IT IS SAID THE TOTAL OUTAGE

WOULD BE 1.5 MILLION BARRELS PER DAY INCLUDING

1.1 MILLION BPD FROM US OFF SHORE PRODUCTION.