SEPT 4 THURSDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4805 , S2 RS 4760
R1 RS 4875 , R2 RS 4930
MCX Sept Crude oil is expected to trade in the
range of Rs 4770 to Rs 4910.
Oil Is Steady as U.S. Output Resumes, OPEC to Keep Production .
Crude oil was little changed near $109 a barrel following
declines in the past four days as some U.S. Gulf Coast
production resumed after Hurricane Gustav swept
through the area this week.
Crude oil for October delivery traded at $109.40 a barrel, up
5 cents, at 11:26 a.m. Singapore time on the New York
Mercantile Exchange. Yesterday, oil fell 36 cents, or 0.3
percent, to settle at $109.35 a barrel. Prices have declined
26 percent from the record $147.27 reached on July 11.
Price declines were limited in yesterday's trading session on
forecasts that more tropical storms were forming in the Atlantic.
The Energy Department is scheduled to release its weekly
report on Sept. 4 at 11 a.m. in Washington, a day later than
usual because of the Labor Day holiday.
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