MCX CRUDE OIL OCTOBER
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
SUPPORTS : S1 4256, S2 4185
RESISTANCES : R1 4365, R2 4415
SHORT AT RESISTANCES.
Oil Gains as Drop Deemed Excessive, OPEC May Cut Production .
Crude oil rose for the first time in five days as some
traders deemed yesterday's 6.5 percent decline
excessive and because of speculation OPEC may
announce output cuts at its December meeting
as demand slows.
Oil rebounded from an eight-month low after U.S. stocks
recovered from their worst levels yesterday on speculation
the Federal Reserve will cut interest rates.
Crude oil for November delivery jumped as much as $1.95, or
2.2 percent, to $89.76 a barrel in electronic trading, and was
at $89.57 at 12:38 p.m. Singapore time on the New York
Mercantile Exchange. Crude oil futures have declined 39
percent from the record $147.27 reached July 11.
Yesterday, crude futures fell $6.07 to settle at $87.81 a barrel
in New York. The contract touched $87.56, the lowest since
Feb. 7, as the dollar rose against the euro, while OPEC chief
Khelil said the price slide will continue next year.
New York oil prices declined 12 percent last week as reports
showed U.S. fuel demand the previous four weeks was the
lowest in almost seven years.
Brent crude oil for November settlement gained as much as
$1.42, or 1.7 percent, to $85.10 a barrel on London's ICE
Futures Europe exchange. Yesterday, the contract fell
$6.57, or 7.3 percent, to $83.68 a barrel on yesterday,
the lowest closing price since Oct. 23, 2007.
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