SEPT 23 TUESDAY
SHORT TERM TREND : BULLISH
LONG TERM TREND : BEARISH
S1 RS 4870 , S2 RS 4820
R1 RS 4970 , R2 RS 5030
STAY LONG AT SUPPORT.
Crude Oil Falls on Concern U.S. Plan Won't Prevent Recession .
Crude oil fell in New York for the first time in a week, paring
yesterday's record gain, on concern the U.S. government's
bailout plan for financial companies will fail to prevent a
recession.
Crude oil for November delivery declined as much as $1, or
0.9 percent, to $108.37 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$109.11 a barrel at 1:34 p.m. Singapore time. Yesterday,
the contract rose $6.62, or 6.4 percent, to $109.37 a barrel.
Oil has risen 20 percent since Sept. 16 as lawmakers pledged
fast consideration of the Treasury's plan to buy devalued
mortgage-related securities. Prices were supported yesterday
by speculation the proposed $700 billion U.S. bailout package
for the finance industry may shore up demand.
The October contract rose $16.37, or 17 percent, to expire at
$120.92 a barrel yesterday on the Nymex. It touched $130
in intraday trading, as traders who sold the October contract
last week, when oil dipped close to $90, had to buy the
futures back.
The dollar was little changed at $1.4782 per euro at 1:21 p.m.
Singapore time, from $1.4774 yesterday. It fell as low as
$1.4866 yesterday, the weakest level since Aug. 22, on concern
the U.S. bailout package, which would buy assets from financial
firms, would inflate the budget deficit.
Brent crude oil for November settlement fell as much as 68 cents,
0.6 percent, to $105.36 on London's ICE Futures Europe exchange.
It was at $106.03 a barrel at 1:35 p.m. Singapore time. The contract
yesterday rose $6.43, or 6.5 percent, to settle at $106.04 a barrel.
Supplies of crude oil probably fell 2.5 million barrels last week
from 291.7 million barrels, according to the median of responses
by nine analysts before an Energy Department report this week.
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