SEPT 10 WEDNESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
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R1 RS 4740 , R2 RS 4840
STAY SHORT
Oil Rises After OPEC President Calls for End to Overproduction .
Crude oil jumped in New York as OPEC President Chakib Khelil
called on members to stop producing more than the group's
set quota after prices fell to almost $100 a barrel.
The Organization of Petroleum Exporting Countries is pumping
about 520,000 barrels a day more than their 28.8 million-barrel
limit, Khelil said. The group kept its output quota unchanged
after adjusting for the departure of Indonesia, which had a
target of 865,000 barrels a day, according to Bloomberg
data.
Crude oil for October delivery climbed as much as $1.41, or 1.4
percent, to $104.67 a barrel on the New York Mercantile
Exchange and traded at $103.60 at 2:37 p.m. Singapore
time. The contract dropped as low as $102.06 before the
OPEC announcement.
Oil has fallen 30 percent from a record $147.27 a barrel on July
11 as high prices and slowing global economic growth reduced
demand for fuels. Crude in New York yesterday reached its
lowest level since April 2 while Brent oil traded in London
fell as low as $99 a barrel.
Brent crude oil for October settlement rose as much as $1.40, or
1.4 percent, to $101.74 a barrel. It was at $100.62 a barrel at
2:38 p.m. Singapore time. The contract earlier fell as low as
$98.89 a barrel.
OPEC members have increased production this year as Saudi Arabia,
the world's largest producer, sold more barrels to balance shortfalls
elsewhere and slake the developing world's growing thirst for crude.
That's taken output above the group's agreed targets.
Hurricane Ike started to strengthen as it entered the Gulf of
Mexico and headed in the direction of Texas, after leaving more
than 170 people dead when it lashed Cuba and Haiti.
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