MCX CRUDE OIL OCTOBER
SHORT TERM TREND - BEARISH
LONG TERM TREND - BEARISH
SUPPORTS - S1- RS.4610, S2 - RS.4560
RESISRANCES- R1- RS.4725, R2 - RS. 4760
STAY SHORT
Oil Rises From 5-Month Low as Hurricane Ike Heads for Houston.
Crude oil rose from a five-month low as Hurricane Ike
headed toward a near-direct hit on Houston, the busiest
U.S. refining center.
Crude oil for October delivery rose as much as 82 cents, or 0.8
percent, to $101.69 a barrel on the New York Mercantile Exchange.
It was at $101.50 a barrel at 11:21 a.m. in Singapore. Prices are
up 27 percent from a year ago. Yesterday, futures fell $1.71,
or 1.7 percent, to $100.87 a barrel, the lowest settlement
price since March 24.
Oil is set for its second weekly decline, dropping 4.5 percent this
week as the dollar surged to its strongest level against the euro
in a year, reducing the appeal of commodities. Concerns about
a global economic slump have also pressured prices as forecasts
for demand are revised lower.
The U.S. currency climbed 0.4 percent to $1.3946 per euro, from
$1.3998 Sept. 10, after touching $1.3882, the strongest level
since Sept. 18, 2007.
Brent oil for October settlement rose as much as 81 cents, or 0.8
percent, to $98.45 a barrel on London's ICE Futures Europe
exchange. It was at $98.26 at 11:18 a.m. Singapore time.
The contract yesterday declined $1.33, or 1.3 percent, to settle
at $97.64 a barrel, the lowest since March 4. The futures have
dropped 11 straight days, the longest stretch since the
contract was introduced in 1988.
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