DEC 2 TUESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2545 , S2 RS 2500 , S3 RS 2460
R1 RS 2630 , R2 RS 2675 , R3 RS 2710
STAY SHORT AT RESISTENCE.
Crude Oil Falls on Signs of Further Contraction
in U.S. Economy .
Crude oil fell to the lowest in more than three years in New York
on signs that the economy in the U.S., the world's largest energy
consumer, is in a more severe economic slowdown than expected.
Crude oil for January delivery dropped as much as $1.70, or
3.5 percent, to $47.58 a barrel in after-hours trading on the
New York Mercantile Exchange. That's the lowest since May 20,
2005. It was at $47.90 at 12:36 p.m. in Singapore. The contract
fell $5.15, or 9.5 percent, to $49.28 a barrel yesterday, the
lowest settlement since May 23, 2005.
Oil prices have tumbled 67 percent since reaching a record
$147.27 on July 11 as the U.S., Europe and Japan face their
first simultaneous recession since World War II.
U.S. crude-oil inventories probably rose for a 10th week as imports
rebounded, a Bloomberg News survey of analysts showed.
Crude-oil stockpiles probably climbed 850,000 barrels in the
week ended Nov. 28 from 320.8 million the week before, according
to the median of six analyst estimates before an Energy
Department report this week.
Brent crude oil for January settlement fell as much as $1.67, or
3.5 percent, to $46.30 a barrel, on London's ICE Futures
Europe exchange. It was at $46.56 a barrel at 12:36 p.m.
Singapore time. The contract yesterday declined $5.52, or 10
percent, to settle at $47.97 a barrel. It was the lowest settlement
since May 19, 2005.
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