DEC 1 MONDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND ; BEARISH
S1 RS 2700 , S2 RS 2660 , S3 RS 2580
R1 RS 2760 , R2 RS 2790 , R3 RS 2830
oil prices may be in the process of stabilising ,
trading in the mid 50's.
In the short term demand conditions and flow of
economic data are sure to pressure prices.
OECD demand conditions continue to be weak.
In th US demand decline may be moderating as indicated by
October data .
Global demand growth is sure to remain subdued over
the coming months.
However the supply side constraints continue to
remain too. OPEC decision to cut production should
allow prices to stabilise at the front end of the curve.
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