DEC 10 WEDNESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2110 , S2 RS 2060 , S3 RS 2000
R1 RS 2180 , R2 RS 2240 , R3 RS2280
STAY SHORT AT RESISTENCE.
Crude oil falls on demand concern as world oil
demand shrunk in 2008.
Crude oil rose as traders bought contracts to close out bets that
prices will fall and on signs that OPEC will cut production
twice in as many months.
Crude oil futures for January delivery rose as much as $1.33,
or 3.2 percent, to $43.40 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$43.25 a barrel at 12 p.m. Singapore time. Yesterday,
futures fell $1.64, or 3.8 percent, to $42.07 a barrel,
capping a 23 percent drop since Nov. 26.
The Organization of Petroleum Exporting Countries cut its
forecast for next year by 530,000 barrels a day, or 0.6
percent, to 86.68 million barrels a day, in its monthly oil
market report on Nov. 17.
Traders are betting that oil for January delivery may fall below
$42 a barrel, according to data on put options contract volume
from the New York Mercantile Exchange.
Brent crude oil for January settlement rose as much as $1.05, or
2.5 percent, to $42.58 a barrel on London’s ICE Futures
Europe exchange at 12 p.m. Singapore time. The contract
yesterday declined $1.89, or 4.4 percent, to settle at
$41.53 a barrel.
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