OCT 1 WEDNESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4680 , S2 RS 4610
R1 RS 4790 , R2 RS 4856
WAIT FOR CONFIRMATION.
Oil Rises a Second Day on Signs U.S. Will Revive Bailout Plan .
Crude oil rose for a second day after U.S. lawmakers
said they intend to salvage a $700 billion bank- rescue
package that may avert an economic slowdown.
Oil rose and U.S. equities jumped the most in six years
yesterday, rebounding from a battering when the House
of Representatives failed to pass a rescue bill on Sept. 29.
The U.S. Senate will try to revive the package today.
Crude oil for November delivery rose as much as $1.60, or
1.6 percent, to $102.24 a barrel in after-hours trading on the
New York Mercantile Exchange. It was at $101.70 a barrel at
12:33 p.m. Singapore time. Futures are down 31 percent from
the record $147.27 a barrel reached on July 11.
Oil added $4.27, or 4.4 percent, yesterday to $100.64 a barrel,
the biggest gain since Sept. 22. Futures fell 28 percent in the
third quarter, the biggest drop since 1991.
Oil slumped $10.52, or 9.8 percent, to $96.37 a barrel, on Sept
. 29, the biggest slide in percentage terms since Nov. 15, 2001,
as the Standard & Poor's index of 500 stocks tumbled the
most since the 1987 crash.
Crude oil inventories are expected to rise 2.75 million barrels
from 290.1 million barrels the previous week, the analysts said.
The Department of Energy will release the inventory report
at 10:35 a.m. local time in Washington, D.C.
Brent crude oil for November settlement rose as much as
$1.28, or 1.3 percent, to $99.45 a barrel on London's ICE
Futures Europe exchange. It was at $99.17 at 12:33 p.m.
Singapore time. The contract yesterday gained $4.19, or
4.5 percent, to settle at $98.17 a barrel.
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