SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4870 , S2 RS 4810
R1 RS 4965 , R2 RS 5025
WAIT FOR CONFIRMATION.
Crude Oil Declines on Concern U.S. Bailout Plan May Hit Snag .
Crude oil fell in New York after Congressional
negotiations on plans to rescue the financial
industry stalled, adding to concern that the
economy of the world's biggest energy consumer
will falter and slow fuel demand
Crude oil for November delivery fell as much as $1.50, or
1.4 percent, to $106.52 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$106.64 a barrel at 12:39 p.m. Singapore time
Prices are down 28 percent from the record $147.27 a
barrel reached on July 11. Yesterday, futures rose
$2.29, or 2.2 percent, to settle at $108.02 a barrel.
Oil swung between $103.22 and $130 a barrel this week,
heading for a second weekly gain, as investors covered
short positions before the expiry of a contract and concern
that a global economic slowdown would erode demand.
Sales of new homes in the U.S. fell in August to a 17-year low,
signaling the housing market suffered another setback even
before the latest turmoil in financial markets.
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