DEC 3 WEDNE244SDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2440 , S2 RS 2380 , S3 RS 2310
R1 RS 2510 , R2 RS 2560 , R3 RS 2620
STAY SHORT AT RESISTENCE.
Oil Rises From 3-Year Low as Equities Gain, Traders Close Out .
Crude oil rebounded from the lowest price in more than
three years as equities gained and traders bought
contracts to close out bets that prices will fall.
Crude oil for January delivery rose as much as $1.14, or 2.4
percent, to $48.10 a barrel in after-hours electronic trading
on the New York Mercantile Exchange, and traded at $47.75
a barrel at 1:09 p.m. Singapore time.
Yesterday, futures fell $2.32, or 4.7 percent, to $46.96 a barrel,
the lowest settlement since May 20, 2005. Oil has tumbled 67
percent from a record $147.27 a barrel reached on July 11.
Oil is set to decline 50 percent this year, snapping six
years of gains.
U.S. crude inventories probably gained for a 10th week as
demand continues to plummet in the world's largest energy
user, according to a Bloomberg survey before the Department
of Energy releases its weekly report.
Brent crude oil for January settlement gained as much as $1.15,
or 2.5 percent, to $46.59 a barrel on London's ICE Futures
Europe exchange. It was at $46.32 a barrel at 12:54 p.m.
Singapore time. The contract declined $2.53, or 5.3 percent,
to $45.44 a barrel yesterday, the lowest settlement since
Feb. 15, 2005.
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