NOV 4 TUESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 3125 , S2 RS 3065
R1 RS 3215 , R2 RS 3270
STAY SHORT AT RESISTENCE.
Oil Falls as U.S. Manufacturing Contracts, Curbing
Fuel Demand .
Crude oil fell for a second day after a report showed
manufacturing in the U.S. contracted in October at
the fastest pace in 26 years, signaling weaker fuel demand.
Oil has tumbled 57 percent from a record $147.27 a barrel
in July as the U.S. economy shrank in the third quarter by
the most since 2001. U.S. crude inventories probably rose
last week for a sixth week because of declining demand, a
Bloomberg News survey of analysts showed.
Crude oil for December delivery fell as much as 88 cents, or
1.4 percent, to $63.03 a barrel, and traded at $63.32 at
1:16 p.m. Singapore time on the New York Mercantile
Exchange. Prices are down 33 percent from a year ago.
Yesterday, futures lost $3.90, or 5.8 percent, to $63.91
a barrel, the biggest drop since Oct. 22. Oil futures
declined 33 percent in October, a monthly record, amid
a global economic slowdown. The previous record-price
drop was in February 1986.
Brent crude oil for December settlement on London's ICE
Futures Europe exchange fell as much as 88 cents, or 1.5
percent, to $59.60 a barrel. It traded at $59.67 at 1:16 p.m.
Singapore time.
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