OCT 29 WEDNESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 3210 , S2 RS 3160
R1 RS 3280 . R2 RS 3360
Crude Oil Rises as Global Equities Gain, OPEC
Considers Meeting .
Crude oil rose for the first time in four days after U.S. and
Asian stocks surged and OPEC said it may meet again before
December to consider a second cut in production in as many
months.
Crude oil for December delivery rose as much as $3.98, or 6.3
percent, to $66.71 a barrel on the New York Mercantile
Exchange. It was at $64.72 a barrel at 11:20 a.m. Singapore
time. Prices reached a record $147.27 on July 11.
Yesterday, futures fell 49 cents, or 0.8 percent, to $62.73
a barrel, the lowest close since May 16, 2007, after a
Conference Board report showed the lowest confidence
reading since records began in 1967. They rose 1.8
percent, along with U.S. stocks, in after-hours
electronic trading.
The U.S. Energy Department will probably report today that
U.S. supplies of crude oil, gasoline and distillate fuel, a
category that includes heating oil and diesel, rose last
week, a Bloomberg News survey showed.
Brent crude oil for December settlement rose as much as
$3.90, or 6.5 percent, to $64.19 a barrel on London's ICE
Futures Europe exchange. It was at $62.25 a barrel at
11:20 a.m. Singapore time. The contract yesterday
dropped $1.12, or 1.8 percent, to settle at $60.29 a barrel,
the lowest settlement since March 20, 2007.
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