UPDATES

TECHNICALS FOR DECEMBER 23

MCX JANUARY CRUDE OIL

SHORT TERM: BEARISH

LONG TERM : BEARISH

SUPPORTS : 1980, 1945, 1905

RESISTANCES : 2075, 2110,2160

STAY SHORT AT RESISTANCES.

Crude oil fell for a second day in New York on speculation

that a deepening global recession is reducing fuel

demand in Asia, undermining OPEC's efforts to boost

prices by cutting production.

Crude oil for February delivery fell as much as 86 cents,

or 2.2 percent, to $39.05 a barrel. It was at $39.11 a

barrel at 11:42 a.m. Singapore time on the New York

Mercantile Exchange. Prices have dropped 73 percent

from a record $147.27 on July 11.

Brent crude oil for February settlement fell 45 cents, or

1.1 percent, to $41 a barrel on London's ICE Futures

Europe exchange at 11:27 a.m. Singapore time. The contract

yesterday declined $2.55, or 5.8 percent, to settle at

$41.45 a barrel.