OCT 3 FRIDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4580 , S2 RS 4530
R1 RS 4720 , R2 RS 4775
WAIT FOR CONFIRMATION.
Oil Heads for Biggest Weekly Drop Since 2004
on Slowing Demand .
Crude oil fell for a third day in New York, poised for the
biggest weekly drop since 2004, on signs the U.S. is slipping
into a recession, reducing fuel demand in the world's largest
energy user.
Oil has declined 13 percent this week as higher borrowing
costs and reports showing a worsening economy spurred
skepticism that the U.S. government's $700 billion bank-
bailout plan will stimulate growth. The number of futures
held by traders in New York dropped to the lowest in more
than two years as U.S. factory orders fell 4 percent, the
most since 2006.
Crude oil for November delivery fell as much as $1.16, or
1.2 percent, to $92.81 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$93.42 a barrel at 1:03 p.m. Singapore time.
Yesterday, futures dropped $4.56, or 4.6 percent, to
$93.97 a barrel in New York. Oil has declined 37 percent from
its record $147.27 on July 11. The weekly drop is the biggest
since Dec. 3, 2004.
Brent crude oil for November settlement declined as much as
90 cents, or 1 percent, to $89.66 a barrel on London's ICE
Futures Europe exchange. It was at $90.10 a barrel at 1:03 p.m.
Singapore time. The contract declined $4.77, or 5 percent, to
settle at $90.56 a barrel yesterday, the lowest since Sept. 16.
No comments:
Post a Comment