OCT 8 WEDNESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 4210 , S2 RS 4165
R1 RS 4335 , R2 RS 4390
STAY SHORT AT RESISTENCE.
Oil Trades Below $90 on Demand Slump, Worsening Credit Crisis .
Crude oil fell in New York, trading below $90 a barrel, as
consumption weakens in the U.S. and other developed
nations amid a worsening credit crisis that's restraining
economic growth.
Oil retreated after rising 2.6 percent yesterday, its first
rally in a week. U.S. gasoline demand dropped 9.5 percent
last week, according to MasterCard Inc., and falling
consumption yesterday prompted the Energy Department to
cut its oil price forecasts. Global stock markets have plunged
as banks freeze credit lines to investors and companies.
Crude oil for November delivery fell as much as $1.09, or
1.2 percent, to $88.97 a barrel in after-hours electronic
trading on the New York Mercantile Exchange, and traded
at $89.04 at 12:02 p.m. in Singapore.
The stock market decline has spurred concern that growth
will slow and crimp demand for fuels.
U.S. oil demand will average 19.8 million barrels a day this
year, down 830,000 barrels a day from 2007. This year's
demand forecast was reduced 270,000 barrels from
last month.
Crude oil is more expensive than gasoline for delivery in the
next four months, meaning refiners risk losing money on
every gallon they make.
Brent crude oil for November settlement dropped as much
as 86 cents, or 1 percent, to $83.80 a barrel on London's
ICE Futures Europe exchange.
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