NOV 5 WEDNESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 3285 , S2 RS 3220
R1 RS 3385 , R2 RS 3460
WAIT FOR SUPPORT FOR FRESH LONGS.
Oil Falls as Investors Judge Gains Excessive; Gold Pares Gains .
Crude oil fell in New York as investors judged yesterday's
10 percent gain as excessive on signs of slowing fuel
demand after U.S. auto sales dropped to their lowest
in 17 years.
Crude oil for December delivery declined as much as $2.08,
or 3 percent, to $68.45 a barrel on the New York Mercantile
Exchange. It was at $68.50 a barrel at 1:33 p.m. Singapore
time. Prices, which have tumbled 53 percent since reaching
a record $147.27 on July 11, are down 27 percent from
a year ago.
Futures rose $6.62, or 10 percent, to $70.53 a barrel
yesterday, the highest settlement since Oct. 21. It was
the biggest one-day gain since Sept. 22.
Oil prices were boosted by the biggest presidential- election
day rally in the U.S. stock markets in 24 years and the
fading dollar. The currency was little changed at $1.2870
per euro at 12:17 p.m. Singapore time after declining 2.6
percent yesterday to $1.2966 per euro.
OPEC decided at a meeting in Vienna last month to cut the
production target for 11 of the group's members by 1.5
million barrels a day, from 28.8 million barrels a day.
Brent crude oil for December settlement fell as much as
$2.04, or 3.1 percent, to $64.40 a barrel on London's ICE
Futures Europe exchange. It was at $64.40 a barrel at
1:33 p.m. Singapore time. The contract increased $5.96, or
9.9 percent, to settle at $66.44 a barrel yesterday, the
highest since Oct. 21
Oil inventories probably rose 1 million barrels from 311.9
million barrels in the week ended Oct. 24. Refinery use
probably rose to the highest since August.
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