NOV 18 TUESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 2820 , S2 RS 2765
R1 RS 2945 , R2 RS 2980
Crude Oil Rises in New York After U.S. Industrial
Output Climbs .
Crude oil rose from a 21-month low after U.S.
industrial production gained, increasing
expectations that fuel demand may improve in the
world's largest consumer.
Crude oil for December delivery rose as much as 44 cents, or
0.8 percent, to $55.39 a barrel on the New York Mercantile
Exchange. It was at $55.33 a barrel at 12:12 p.m. Singapore
time. Prices have tumbled 63 percent since reaching a record
$147.27 on July 11.
Oil closed yesterday at its lowest since Jan. 29, 2007, after the
economy in Japan, the world's third-biggest oil- consuming
country, contracted 0.4 percent in the third quarter. China
National Petroleum Corp. said yesterday demand has fallen
since September because of credit-market turmoil.
Crude oil stockpiles probably climbed 1 million barrels in the
week ended Nov. 14 from 311.9 million the week before, according
to the median of nine analyst estimates before an Energy
Department report this week.
Brent crude oil for January settlement was at $52.40 a barrel,
up 9 cents, on London's ICE Futures Europe exchange at
12:01 p.m. Singapore time. It declined yesterday $1.93,
or 3.6 percent, to settle at $52.31 a barrel.
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