SEPT 24 WEDNESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4745 , S2 RS 4680
R1 RS 4870 , R2 RS 4960
WAIT FOR CONFIRMATION.
Oil Is Steady After First Drop in a Week on Rescue Plan Concern .
Crude oil was little changed after declining for the first time in
a week on skepticism that a U.S. government bailout plan for
financial companies will bolster economic growth and
demand for fuels.
Oil dropped as much as 4.9 percent yesterday as lawmakers
debated how the rescue measure should be structured,
threatening early enactment. U.S. crude stockpiles are
expected to decline in a report out later today, extending
a 14.2 million-barrel withdrawal in the past four weeks.
Crude oil for November delivery was at $106.95 a barrel, up
34 cents, in after-hours electronic trading on the New York
Mercantile Exchange at 12:20 p.m. Singapore. Prices are
down 27 percent from the record $147.27 a barrel on July 11.
Oil for October delivery rose by a record $16.37 a barrel on Sept
22 before expiring as traders who sold the future last week,
when oil dipped close to $90, had to buy the contracts back.
The U.S. Commodity Futures Trading Commission is
investigating the price move and has subpoenaed dozens
of traders, two people briefed about the legal proceedings
said.
Brent crude oil for November settlement was at $103.51
a barrel, up 43 cents, on London's ICE Futures Europe
exchange at 12:22 p.m. Singapore time. It declined
$2.96, or 2.8 percent, to settle at $103.08 a barrel
yesterday.
Prices also fell on signs U.S. demand for gasoline
continues to decline.
Supplies of crude oil probably fell 2.5 million barrels from 291.7
million barrels, according to the median of responses by 12
analysts before an Energy Department report scheduled for
release at 10:35 a.m. in Washington.
U.S. energy producers have resumed output for about 33
percent of oil and 38 percent of natural-gas production in
the Gulf of Mexico after storms in the region.
No comments:
Post a Comment