OCT 17 FRIDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 3430 , S2 RS 3356
R1 RS 3558 , R2 RS 3610
Crude Oil Rebounds From 13-Month Low as OPEC May
Cut Production .
Crude oil rebounded from a 13-month low in New York on
speculation OPEC may announce production cuts at a
meeting next week as weakening demand caused by
slowing economic growth bolstered stockpiles.
Oil climbed above $72 a barrel after OPEC said it brought
forward to next week a November meeting to discuss
production. Prices fell below $70 yesterday as U.S. crude
oil inventories rose more than twice as forecast last week,
and then rebounded in after-hours electronic trading as
U.S. equities gained.
Crude oil for November delivery rose as much as $3.17, or
4.5 percent, to $73.02 a barrel, and traded at $72.47 at
10:53 a.m. Singapore time on the New York Mercantile
Exchange. Yesterday it fell $4.69, or 6.3 percent, to $69.85
a barrel, the lowest settlement since Aug. 23, 2007.
U.S. crude oil supplies rose 5.6 million barrels to 308.2
million barrels last week, the Department of Energy said in
a weekly report yesterday. Crude oil inventories were
forecast to rise 2.6 million barrels, according to the median
of analyst estimates in a Bloomberg News survey.
Brent crude oil for December settlement rose as much as
$2.76, or 4.1 percent, to $70.60 a barrel on London's ICE
Futures Europe exchange. It was at $69.98 a barrel at
10:47 a.m. Singapore time.
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