OCT 13 MONDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 3840 , S2 RS 3770
R1 RS 3960 , R2 RS 4030
STAY SHORT AT RESISTENCE.
Oil Price Rises From 13-Month Low as Governments Pledge
Support .
Crude oil prices rose from a 13-month low in New York as
governments in the U.S., Europe and Asia pledged to avert
a collapse in the financial system while turmoil in credit
markets threatens to stall the global economy.
Oil gained for the first time in four days after the 15 nations
using the euro agreed to shore up their banks, and
Richard W. Fisher, president of the Dallas Fed bank, said
the U.S. Federal Reserve will do everything necessary to
stabilize financial markets.
Crude oil for November delivery rose as much as $3.37, or
4.3 percent, to $81.07 a barrel in electronic trading on the
New York Mercantile Exchange. It traded at $79.93 a barrel
at 12:23 p.m. in Singapore.
Brent crude oil for November settlement rose as much as $2.91,
or 3.9 percent, to $77 a barrel on London's ICE Futures Europe
Exchange, and traded at $75.94 at 12:18 p.m. Singapore time.
The contract slumped $8.57, or 10 percent, to $74.09 on
Oct. 10, the lowest settlement since Sept. 4, 2007. It dropped
18 percent last week.
Oil fell from a record $147.27 in New York in July as demand
expectations deteriorated and the weaker outlook in Europe
and Asia lifted the dollar, reducing the appeal of commodities
priced in the U.S. currency.
Goldman Sachs Group Inc. lowered its crude oil price forecasts
for a second time this year after the global financial crisis
deepened.
Goldman lowered their forecasts for 2009, with the average for
the year reduced to $86 a barrel from $123. The bank's end-
2009 target was cut to $107 a barrel from $125.
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