SEPT 19 FRIDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4480 , S2 RS 4400
R1 RS 4560 , R2 RS 4630.
WAIT FOR CONFIRMATION.
Oil Set for Third Weekly Decline as Dollar Gains, Demand Slows .
Crude oil is set for a third weekly decline as the dollar gained
against the euro, limiting the appeal of commodities to
investors amid forecasts of slowing global demand.
Oil has dropped 3 percent this week on concern the global credit
crunch that has hammered Wall Street investment banks will
cause a recession and crimp fuel consumption. The dollar climbed
as much as 1 percent against the euro today as the U.S.
government plans to work out a plan to alleviate the recent
financial market turmoil.
Crude for October delivery fell as much as 49 cents, or 0.5
percent, to $97.39 a barrel on the New York Mercantile
Exchange. It was at $98.26 at 12:49 p.m. Singapore time.
Yesterday, the contract gained 72 cents to settle at
$97.88 a barrel.
Brent crude oil for November settlement was at $95.40 a barrel,
up 21 cents, on London's ICE Futures Europe exchange at
12:50 p.m. Singapore time. It rose 35 cents, or 0.4 percent,
to $95.19 a barrel yesterday.
Concerns about the availability of supplies from the U.S. Gulf of
Mexico and Nigeria have kept prices above $90 a barrel this week.
Nigerian militants stepped up attacks on oil companies,
raising concern supply may be disrupted.
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