DEC 31 WEDNESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 1850 , S2 RS 1810 , S3 RS 1775
R1 RS 1930 , R2 RS 1965 , R3 RS 2010
STAY SHORT AT RESISTENCE.
Crude Oil Falls a Second Day, Heading for Record Annual Decline .
Crude oil fell for a second day, heading for a record
annual drop, on speculation that U.S. fuel stockpiles
are increasing as the recession cuts demand.
Crude oil for February delivery declined as much as 53
cents, or 1.4 percent, to $38.50 a barrel on the New York
Mercantile Exchange and traded at $38.51 at 12:16 p.m.
Singapore time. Prices are down 60 percent this year, the
first annual drop since 2001 when oil fell 26 percent,
and the biggest decline since trading began in 1983.
Oil may rebound next year to average $60 a barrel as the
Organization of Petroleum Exporting Countries makes
record production cuts to counter the deepest economic
slump since World War II, according to the median forecasts
of 33 analysts compiled by Bloomberg. That would be a 54
percent gain from today’s price.
Oil rose more than 6 percent in each of the two trading days
through Dec. 29 on concern that supplies from the Middle
East may be disrupted amid a conflict between Israel and
Hamas in the Gaza Strip.
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