SEPT 18 THURSDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4410 , S2 RS 4360
R1 RS 4460 , R2 RS 4520
WAIT FOR CONFIRMATION.
Crude Oil Drops as Credit Market Turmoil May Slow Fuel Demand .
Crude oil declined in New York, paring yesterday's $6-a-barrel
jump, on concern the fallout from the global credit crunch may
lead to an economic slowdown, limiting fuel demand.
Oil for October delivery fell as much as $1.43, or 1.5 percent, to
$95.73 a barrel on the New York Mercantile Exchange. It was
trading at $96.09 at 1:56 p.m. in Singapore. It earlier rose as much
as 98 cents, or 1 percent, to $98.14 a barrel.
Yesterday, oil jumped $6.01, or 6.6 percent, to $97.16 a barrel,
the biggest one-day gain since June 6. Oil futures tumbled more
than $10 a barrel in the first two days of the week on concern
financial-market disruptions may weaken the global economy
and cut fuel consumption.
Brent crude oil for November settlement fell as much as $1.44,
or 1.5 percent, to $93.40 a barrel and was trading at $93.70 at
1:48 p.m. Singapore time on London's ICE Futures Europe
exchange. It earlier rose as much as 67 cents, or 0.7 percent,
to $95.51 a barrel.
U.S. crude-oil stockpiles fell 6.33 million barrels to 291.7 million
barrels last week, according to the Energy Department. It was
the fourth-straight inventory decline. A drop of 3.5 million
barrels was forecast, according to the median of responses
by 11 analysts surveyed by Bloomberg News.
Prices were also supported by concerns over supplies as Nigerian
militants have stepped up attacks on oil companies.
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