OCT 14 TUESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 3930 , S2 RS 3840
R1 RS 4010 , R2 RS 4070
STAY SHORT AT RESISTENCE.
Oil Rises for a Second Day as Governments Move to Support Banks .
Crude oil rose in New York, heading for its biggest
two-day gain in three weeks, as governments in the
U.S. and Europe acted to stem the worst financial
crisis since the 1930s.
Oil followed stock markets higher as the Bush administration
plans to in inject about $125 billion into nine major U.S. banks
in a push to restore confidence. The International Energy
Agency last week said global oil demand this year will grow at
the slowest pace since 1993 as economies slide into a recession.
Crude oil for November delivery rose as much as $2.49, or 3.1
percent, to $83.68 a barrel in after-hours electronic trading
on the New York Mercantile Exchange. It was at $83.18 a
barrel at 12:38 p.m. Singapore time. Oil has climbed 7.1
percent in the past two days, the most since Sept. 22.
Prices, which are down 3.1 percent from a year ago, have
dropped 44 percent from the record $147.27 a barrel
reached on July 11.
The U.S. government will announce a plan to rescue frozen
credit markets that includes spending about half of a total
of $250 billion for preferred shares of nine major banks,
people briefed on the matter said.
Brent crude oil for November settlement climbed as much as
$1.92, or 2.5 percent, to $79.38 a barrel on London's ICE
Futures Europe exchange. It was at $78.88 a barrel at
12:37 p.m. Singapore time.
Crude oil stockpiles probably increased 2.6 million barrels in
the week ended Oct. 10 from 302.6 million the week before,
according to the median of 10 analyst estimates before an
Energy Department report this week.
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