OCT 16 THURSDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 3680 , S2 RS 3585
R1 RS 3760 , R2 RS 3840
STAY SHORT AT RESISTENCE.
Oil Falls to 13-Month Low on Recession Concern, Equities Drop .
Crude oil fell for a third day, taking its decline from the
July record to more than 50 percent, after a global stock
plunge heightened concern bank bailouts won't prevent
a recession.
Oil, which has followed movements in equity markets this
month, traded below $73 a barrel as Asian stocks slumped
after the Standard & Poor's 500 Index had its biggest loss
since 1987 yesterday. The Organization of Petroleum
Exporting Countries cut its 2009 demand forecast because of
``dramatically worsening'' financial market conditions.
Crude oil for November delivery fell as much as $1.58, or 2.1
percent, to $72.96 a barrel in after-hours trading on the New
York Mercantile Exchange, the lowest since Aug. 30, 2007.
It was at $73.35 a barrel at 11:06 a.m. Singapore time.
Prices are down 16 percent from a year ago and have dropped
50 percent from the record $147.27 a barrel reached on July
11. Yesterday, oil dropped $4.09, or 5.2 percent, to settle at
$74.54 a barrel.
A government report today will show that U.S. crude-oil and
gasoline inventories rose last week, according to the median
of responses by analysts in a Bloomberg News survey. The
report will be released a day late because of the Columbus
Day federal holiday Oct. 13 in the U.S.
Brent crude oil for November settlement declined as much as
$1.30, or 1.8 percent, to $69.50 a barrel on London's ICE
Futures Europe exchange.
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