NOV 3 MONDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 3275 , S2 RS 3210
R1 RS 3370 , R2 RS 3410
Oil Rises for a Second Day as Interest Rate Cuts to
Spur Growth .
Crude oil rose in New York on signs fuel demand will increase
after the U.S., India and China cut interest rates to prop up
economic growth and amid speculation OPEC will cut
output for a second time by year end.
Oil climbed 5.7 percent last week in the first gain in five
weeks. India on Nov. 1 lowered its benchmark repurchase
rate for the second time in two weeks, following The
People's Bank of China, which cut its key rate on Oct. 29.
OPEC is due to meet in Algeria on Dec. 17.
Crude oil for December delivery gained as much as $1.16,
or 1.7 percent, to $68.97 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$68.91 a barrel at 1:10 p.m. Singapore time, bringing the
gains in the past two days to 4.5 percent.
Brent crude oil for December settlement gained as much as
$1.09, or 1.7 percent, to $66.41 a barrel on London's ICE
Futures Europe exchange at 1:10 p.m. Singapore time.
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