SEPT 9 TUESDAY
SHORT TERM TREND :BEARISH
LONG TERM TREND : BEARISH
S1 RS 4710 , S2 RS 4660
R1 RS 4780 , R2 RS 4840
STAY SHORT.
Oil Falls as Dollar Gains.
Crude oil fell in New York as the dollar rose against the euro and
Saudi Arabia's oil minister said supplies are sufficient to meet demand.
The U.S. currency strengthened to the highest since October 2007
as the government's takeover of Fannie Mae and Freddie Mac
encouraged investors to move funds into the stock market.
Crude oil for October delivery fell as much as $1.36, or 1.3 percent,
to $104.98 a barrel and traded at $105.18 at 12:45 p.m. Singapore
time on the New York Mercantile Exchange. Oil has dropped 29
percent from the record $147.27 reached on July 11.
Yesterday, October crude futures settled at $106.34 a barrel, up
11 cents, after falling as much as $1.53, or 1.4 percent, as investors
dumped commodities because of the higher dollar. The contract
climbed as much as 3.5 percent on concern Hurricane Ike will
delay the restoration of Gulf of Mexico output that was closed
because of Hurricane Gustav.
Ike weakened to Category 1 on the 5-step Saffir-Simpson scale of
intensity, with sustained winds dropping to 80 miles
(130 kilometers) per hour, the U.S. National Hurricane Center
said on its Web site at 11 p.m. Miami time.
Brent crude oil for October settlement fell as much as $1.17, or
1.1 percent, to $102.27 a barrel on London's ICE Futures Europe
exchange. It was at $102.40 a barrel at 12:49 p.m. Singapore time.
The 13 members of the Organization of Petroleum Exporting
Countries, which supply more than 40 percent of the world's
oil, will review production targets for the fourth quarter at a
meeting tonight.
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