SEPT 5 FRIDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 4775, S2 RS 4730
R1 RS 4845 , R2 RS 4890
STAY SHORT.
Crude Oil, Drop on Slowing Economic Growth, Dollar Gains .
Crude oil is set for its biggest weekly decline in a month
and gold tumbled for a fifth day as a global economic
slowdown may erode demand and the dollar rallied,
reducing the appeal of commodities as an inflation
hedge.
Oil has fallen more than 6 percent this week as the
euro dropped to the weakest this year against the
dollar amid signs Europe's economy is slowing. Demand
for crude will increase 1 percent in 2009, the slowest
in seven years, according to an Aug. 15 OPEC forecast,
as high oil prices stunt growth.
Crude oil for October delivery fell as much as 64 cents, or
0.6 percent, to $107.25 a barrel, and traded at $107.76 at
11:09 a.m. Singapore time on the New York Mercantile
Exchange. Yesterday, oil dropped 1.3 percent to settle
at $107.89 a barrel in New York, the lowest close since
April 4.
Crude-oil stockpiles fell 1.9 million barrels to 303.9 million
barrels in the week ended Aug. 29, the department said in
its weekly report yesterday. Analysts surveyed by
Bloomberg News were split over whether the report
would show an increase or drop. Platforms in the Gulf
and refineries in coastal areas shut as Hurricane Gustav
approached Louisiana.
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