SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2825 , S2 RS 2780
R1 RS 2925 , R2 RS 2975
Crude Oil Falls as Global Slowdown Cuts Demand in China, Japan .
Oil fell for a second day in New York as Japan entered its
first recession since 2001 and China's largest crude
producer said demand has contracted ``sharply.''
Japan's economy contracted 0.4 percent in the September
quarter, official figures today showed. China National
Petroleum Corp., the biggest producer in the world's
second-largest oil consumer, said demand has declined
since September because of the global credit crisis.
OPEC may wait until December to cut output, the
group's president said.
Crude oil for December delivery dropped as much as $1.44, or
2.5 percent, to $55.60 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$56.08 at 1:20 p.m. in Singapore.
The contract slumped 2.1 percent to settle at $57.04 on
Nov. 14, having touched $54.67 the previous day, the lowest
since Jan. 30, 2007. Prices declined 6.6 percent last week
as world equity markets dropped, Germany entered its
worst recession in 12 years and U.S. retail sales fell for
a fourth straight month.
Japan, the world's second-largest crude importer, had been
expected by economists to avoid recession and record growth
of 0.1 percent in the September quarter. Japan used 5.1 million
barrels a day in 2007, according to the BP Statistical Review of
Energy. China used 7.9 million barrels a day.
Brent crude oil for January settlement dropped as much as
99 cents, or 1.8 percent, to $53.25 a barrel on London's ICE
Futures Europe exchange. It was at $53.89 a barrel at 1:10
p.m. Singapore time. The contract fell 3.6 percent to $54.24
a barrel on Nov. 14.
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