SEPT 2 TUESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERMTREND : BEARISH
S1 RS 4900 , S2 RS 4830
R1 RS 4960 , R2 RS 5040
SELL AR RS 4960 TO 4965
STOP LOSS RS 5020
TARGET RS 4860.
Oil Trades Near 4-Month Low as Drillers, Refiners Assess Damage .
Crude oil traded near a four-month low as producers and
refiners prepared to restart output and started assessing
the damage to production facilities after Hurricane
Gustav struck the U.S. Gulf Coast.
Gustav was downgraded to a Category 2 hurricane before it
crossed the coast and is easing as it heads inland. Royal Dutch
Shell Plc will begin checks today and may restore full output
in three to five days. ConocoPhillips said there was no significant
damage to a platform in the area.
Crude oil for October delivery was at $111.20 a barrel, down
3.7 percent, at 10:49 a.m. Singapore time from the close of
Aug. 29 on the New York Mercantile Exchange. Yesterday's
trading is combined with today's for settlement purposes
because of the Labor Day holiday in the U.S.
Oil prices have fallen 24 percent from the record $147.27 a
barrel reached on July 11 on signs of slowing global demand
and as the rising dollar reduced the appeal of commodities.
Prices jumped to $118 yesterday as Gustav crossed the
Gulf of Mexico as a Category 4 hurricane, the second-
highest ranking. The storm eased as it neared shore
southwest of New Orleans.
Brent crude oil for October settlement rose as much as $1.04,
or 1 percent, to $110.45 a barrel on the ICE Futures Europe
Exchange and was trading at $109.78 at 10:50 a.m. in Singapore.
The contract fell 4.1 percent to $109.41 yesterday, the lowest
close since April 11.
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