JULY 31 THURSDAY
SHORT TERM TREND : SIDEWAYS: TARGET RS 5270 TO 5430
LONG TERM TREND : BULLISH : TARGET RS 6460
S1 RS 5310, S2 RS 5270, S3 RS 5230
R1 RS 5385, R2 RS 5426 , R3 RS 5475
PRICES ARE EXPECTED TO TAKE SOME UPWARD CORRECTION.
Oil Drops on Speculation U.S. Fuel Demand Will Weaken Further .
Crude oil declined on speculation that high prices and
slowing economic growth will further reduce demand
in the U.S., the world's biggest energy user.
U.S. fuel consumption averaged 20.2 million barrels a day in
the past four weeks, down 2.4 percent from a year earlier,
according to a weekly report by the Energy Department
yesterday. Nigeria, the U.S.'s fourth-largest supplier, said
production remains close to 2 million barrels a day even
after recent pipeline attacks.
Crude oil for September delivery fell as much as 82 cents,
or 0.7 percent, to $125.95 a barrel. The contract traded
for $126.31 at 11 a.m. London time. Prices are 62 percent
higher than a year ago.
Futures gained $4.58, or 3.8 percent to settle at $126.77
yesterday, the highest close since July 22, after the Energy
Department report showed gasoline inventories fell
for the first week in five.
Brent crude oil for September settlement traded at $126.62 a
barrel, down 57 cents, at 10:26 a.m. London time on London's
ICE Futures Europe exchange. The contract rose $4.39, or
3.6 percent, yesterday to settle at $127.10.
Iranian Supreme Leader Ayatollah Ali Khamenei said his
country will push forward with its uranium enrichament
program. Speculation that Israeli will use force to stop
Middle East's second-largest exporter from acquiring
nuclear technology has supported prices since 2006.
Thursday, July 31, 2008
Wednesday, July 30, 2008
UPDATES ON JULY 30 2008
JULY 30 WEDNESDAY
SHORT TERM TREND : BEARISH: TARGET RS 5120
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5125, S2 RS 5080, S3 RS 5020
R1 RS 5217, R2 RS 5260, R3 RS 5310
PREFER SHORT AT RS 5217 TO 5223
STOP LOSS RS 5260
TARGET RS 5140
Crude Oil Trades Near 12-Week Low on Slowing Gasoline Demand .
Crude oil traded near the lowest in 12 weeks on
speculation gasoline demand in Asia and the U.S.
may slow after near-record prices reduced consumption.
Crude oil for September delivery was at $122.12 a barrel,
down 7 cents, at 12 p.m. Singapore time on the New York
Mercantile Exchange. Yesterday, it fell $2.54, or 2 percent,
to $122.19 a barrel, the lowest close since May 6. Prices are
up 59 percent from a year earlier.
The Energy Department report today will probably show
that gasoline inventories rose 400,000 barrels last week,
according to the Bloomberg survey.
India, Vietnam, Malaysia and Indonesia have raised prices
of diesel and gasoline in the past two months to cut
government expenditure aimed at capping fuel prices
and keeping inflation in check.
SHORT TERM TREND : BEARISH: TARGET RS 5120
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5125, S2 RS 5080, S3 RS 5020
R1 RS 5217, R2 RS 5260, R3 RS 5310
PREFER SHORT AT RS 5217 TO 5223
STOP LOSS RS 5260
TARGET RS 5140
Crude Oil Trades Near 12-Week Low on Slowing Gasoline Demand .
Crude oil traded near the lowest in 12 weeks on
speculation gasoline demand in Asia and the U.S.
may slow after near-record prices reduced consumption.
Crude oil for September delivery was at $122.12 a barrel,
down 7 cents, at 12 p.m. Singapore time on the New York
Mercantile Exchange. Yesterday, it fell $2.54, or 2 percent,
to $122.19 a barrel, the lowest close since May 6. Prices are
up 59 percent from a year earlier.
The Energy Department report today will probably show
that gasoline inventories rose 400,000 barrels last week,
according to the Bloomberg survey.
India, Vietnam, Malaysia and Indonesia have raised prices
of diesel and gasoline in the past two months to cut
government expenditure aimed at capping fuel prices
and keeping inflation in check.
Tuesday, July 29, 2008
UPDATES ON JULY 29 2008
JULY 29 TUESDAY
SHORT TERM TREND : BEARISH: TARGET RS 5130
LONG TERM TREND : BULLISH : TARGET RS 6460
S1 RS 5220, S2 RS 5185, S3 RS 5138
R1 RS 5285, R2 RS 5320, R3 RS 5360
PREFER SHORT AT RS 5285 TO 5280
STOP LOSS RS 5320
TARGET RS 5220
Crude Oil Trades Near $125 After Attack on Nigerian Pipeline .
Crude oil traded near $125 a barrel in New York after
rising 1.2 percent yesterday as Royal Dutch Shell Plc
reduced Nigerian production because of an attack
on a pipeline by militants.
Crude oil for September delivery rose 31 cents to $125.04 a
barrel at 11:50 a.m. Singapore time on the New York
Mercantile Exchange. Earlier, it gained 86 cents, or 0.7
percent, to $125.59. Oil has increased 63 percent in the
past year. Yesterday, crude climbed $1.47, or
1.2 percent, to $124.73.
Prices have dropped more than $20 from the record $147.27
a barrel reached on July 11 on concern that high prices have
cut demand for fuel in the U.S., the world's largest energy
consumer. The nation's motorists drove less in May than
a year earlier, a seventh consecutive monthly drop, the
Federal Highway Administration reported yesterday.
The International Monetary Fund yesterday said there's no
end in sight to the U.S. housing recession and warned that
deteriorating credit conditions for consumers and banks
may prolong a period of slow economic growth.
Brent crude oil for September settlement rose 31 cents to
$126.15 a barrel at 11:35 a.m. Singapore time on London's
ICE Futures Europe exchange. Yesterday, the contract
gained $1.32, or 1.1 percent, to $125.84.
SHORT TERM TREND : BEARISH: TARGET RS 5130
LONG TERM TREND : BULLISH : TARGET RS 6460
S1 RS 5220, S2 RS 5185, S3 RS 5138
R1 RS 5285, R2 RS 5320, R3 RS 5360
PREFER SHORT AT RS 5285 TO 5280
STOP LOSS RS 5320
TARGET RS 5220
Crude Oil Trades Near $125 After Attack on Nigerian Pipeline .
Crude oil traded near $125 a barrel in New York after
rising 1.2 percent yesterday as Royal Dutch Shell Plc
reduced Nigerian production because of an attack
on a pipeline by militants.
Crude oil for September delivery rose 31 cents to $125.04 a
barrel at 11:50 a.m. Singapore time on the New York
Mercantile Exchange. Earlier, it gained 86 cents, or 0.7
percent, to $125.59. Oil has increased 63 percent in the
past year. Yesterday, crude climbed $1.47, or
1.2 percent, to $124.73.
Prices have dropped more than $20 from the record $147.27
a barrel reached on July 11 on concern that high prices have
cut demand for fuel in the U.S., the world's largest energy
consumer. The nation's motorists drove less in May than
a year earlier, a seventh consecutive monthly drop, the
Federal Highway Administration reported yesterday.
The International Monetary Fund yesterday said there's no
end in sight to the U.S. housing recession and warned that
deteriorating credit conditions for consumers and banks
may prolong a period of slow economic growth.
Brent crude oil for September settlement rose 31 cents to
$126.15 a barrel at 11:35 a.m. Singapore time on London's
ICE Futures Europe exchange. Yesterday, the contract
gained $1.32, or 1.1 percent, to $125.84.
Friday, July 25, 2008
UPDATES ON JULY 25 2008
JULY 25 FRIDAY
SHORT TERM TREND : BEARISH : TARGET RS 5160
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5256, S2 RS 5210, S3 RS 5165
R1 RS 5340, R2 RS 5382, R3 RS 5415
PREFER SHORT AT 5335 TO 5340
STOP LOSS RS 5382
TARGET RS 5256
Oil Rises on Concerns of Potential Iran, Nigeria Output Losses .
Crude oil rose for a second day in New York on concerns of
possible supply disruptions in Iran and Nigeria.
Israel's top military commander said yesterday that force
may be used to stop Iran's nuclear program if diplomacy fails.
In Nigeria, militants threatened to attack major oil pipelines
to counter claims it took payouts from the government.
Crude oil for September delivery gained as much as 81 cents,
or 0.7 percent, to $126.30 a barrel in after-hours electronic
trading on the New York Mercantile Exchange.
It was at $126.12 a barrel at 1:27 p.m. Singapore time.
Yesterday, oil rose $1.05, or 0.8 percent, to settle at
$125.49 a barrel. Futures are up 66 percent from a year ago.
Brent crude oil for September settlement rose as much as
69 cents, or 0.6 percent, to $127.13 a barrel on London's
ICE Futures Europe exchange. It was at $126.96 a barrel at
1:29 p.m. Singapore time. The contract rose $1.15, or
0.9 percent, to settle at $126.44 a barrel yesterday.
SHORT TERM TREND : BEARISH : TARGET RS 5160
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5256, S2 RS 5210, S3 RS 5165
R1 RS 5340, R2 RS 5382, R3 RS 5415
PREFER SHORT AT 5335 TO 5340
STOP LOSS RS 5382
TARGET RS 5256
Oil Rises on Concerns of Potential Iran, Nigeria Output Losses .
Crude oil rose for a second day in New York on concerns of
possible supply disruptions in Iran and Nigeria.
Israel's top military commander said yesterday that force
may be used to stop Iran's nuclear program if diplomacy fails.
In Nigeria, militants threatened to attack major oil pipelines
to counter claims it took payouts from the government.
Crude oil for September delivery gained as much as 81 cents,
or 0.7 percent, to $126.30 a barrel in after-hours electronic
trading on the New York Mercantile Exchange.
It was at $126.12 a barrel at 1:27 p.m. Singapore time.
Yesterday, oil rose $1.05, or 0.8 percent, to settle at
$125.49 a barrel. Futures are up 66 percent from a year ago.
Brent crude oil for September settlement rose as much as
69 cents, or 0.6 percent, to $127.13 a barrel on London's
ICE Futures Europe exchange. It was at $126.96 a barrel at
1:29 p.m. Singapore time. The contract rose $1.15, or
0.9 percent, to settle at $126.44 a barrel yesterday.
Thursday, July 24, 2008
UPDATES ON JULY 24 2008
JULY 24 THURSDAY
SHORT TERM TREND : BEARISH : TARGET RS 5230
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5300, S2 RS 5260, S3 RS 5200
R1 RS 5380, R2 RS 5440, R3 RS 5490
PREFER SHORTS AT RS 5380 TO 5375
STOP LOSS RS 5440
TARGET RS 5250
Oil Trades Near Seven-Week Low as U.S., Japanese Demand Drops .
\Crude oil traded near a seven-week low after reports
showed demand in the U.S. and Japan, two of the
three largest oil consuming countries, fell as high prices
crimp fuel consumption.
Crude oil for September delivery was at $124.32 a barrel,
down 12 cents, at 1:06 p.m. Singapore time on the New York
Mercantile Exchange. Yesterday, oil dropped $3.98, or
3.1 percent, to settle at $124.44 a barrel, the lowest
close since June 4. Futures have lost 5 percent this week.
Oil prices also fell as the Energy Department report showed
that gasoline supplies rose 2.85 million barrels last week.
Stockpiles of distillate fuel, a category that includes heating
oil and diesel, climbed 2.42 million barrels.
Brent crude oil for September settlement was at $125.18 a barrel,
down 11 cents, on London's ICE Futures Europe exchange at
12:30 p.m. Singapore time. It dropped $4.26, or 3.3 percent,
to close at $125.29 a barrel yesterday, the lowest
settlement since June 4.
Crude-oil inventories dropped 1.56 million barrels to
295.3 million. Stockpiles were forecast to decline
675,000 barrels, according to the survey results.
Oil has tumbled 16 percent from a record $147.27 a
barrel on July 11, as a stronger U.S. dollar limited
the appeal of commodities as a hedge against inflation
and high prices cut fuel consumption. Prices also fell
the past two days as Hurricane Dolly moved away
from oil platforms in the Gulf of Mexico.
The dollar traded at 107.76 yen at 12:40 p.m. in Tokyo,
from 107.90 yesterday. It earlier reached 107.98,
the highest since June 26. The U.S. currency was at
$1.5697 per euro, after yesterday touching $1.5670,
the strongest level since July 9.
SHORT TERM TREND : BEARISH : TARGET RS 5230
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5300, S2 RS 5260, S3 RS 5200
R1 RS 5380, R2 RS 5440, R3 RS 5490
PREFER SHORTS AT RS 5380 TO 5375
STOP LOSS RS 5440
TARGET RS 5250
Oil Trades Near Seven-Week Low as U.S., Japanese Demand Drops .
\Crude oil traded near a seven-week low after reports
showed demand in the U.S. and Japan, two of the
three largest oil consuming countries, fell as high prices
crimp fuel consumption.
Crude oil for September delivery was at $124.32 a barrel,
down 12 cents, at 1:06 p.m. Singapore time on the New York
Mercantile Exchange. Yesterday, oil dropped $3.98, or
3.1 percent, to settle at $124.44 a barrel, the lowest
close since June 4. Futures have lost 5 percent this week.
Oil prices also fell as the Energy Department report showed
that gasoline supplies rose 2.85 million barrels last week.
Stockpiles of distillate fuel, a category that includes heating
oil and diesel, climbed 2.42 million barrels.
Brent crude oil for September settlement was at $125.18 a barrel,
down 11 cents, on London's ICE Futures Europe exchange at
12:30 p.m. Singapore time. It dropped $4.26, or 3.3 percent,
to close at $125.29 a barrel yesterday, the lowest
settlement since June 4.
Crude-oil inventories dropped 1.56 million barrels to
295.3 million. Stockpiles were forecast to decline
675,000 barrels, according to the survey results.
Oil has tumbled 16 percent from a record $147.27 a
barrel on July 11, as a stronger U.S. dollar limited
the appeal of commodities as a hedge against inflation
and high prices cut fuel consumption. Prices also fell
the past two days as Hurricane Dolly moved away
from oil platforms in the Gulf of Mexico.
The dollar traded at 107.76 yen at 12:40 p.m. in Tokyo,
from 107.90 yesterday. It earlier reached 107.98,
the highest since June 26. The U.S. currency was at
$1.5697 per euro, after yesterday touching $1.5670,
the strongest level since July 9.
Wednesday, July 23, 2008
JULY 23 2008
JULY 23 WEDNESDAY
SHORT TERM TREND : BEARISH : TARGET RS 5350
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5423, S2 RS 5385, S3 RS 5356
R1 RS 5475, R2 RS 5510, R3 RS 5548
PREFER SHORT AT RS 5465 TO 5475
STOP LOSS RS 5510
TARGET RS 5425
Crude Oil Falls as Hurricane Dolly Misses Fields, Dollar Gains .
Crude oil fell for a second day in New York after forecasters
expect Hurricane Dolly to miss fields in the Gulf of Mexico
and the dollar rebounded, curbing investments in commodities.
Dolly is headed for northern Mexico and southern Texas, and
the dollar gained against the euro on signs U.S. interest rates
may increase. Oil futures have declined more than 15 percent
from a record $147.27 a barrel on July 11 as U.S. gasoline use
fell for a 13th consecutive week.
Crude oil for September delivery fell as much as 87 cents, or
0.7 percent, to $127.55 a barrel, and traded at $127.82 at
1:55 p.m. Singapore time on the New York Mercantile Exchange.
Futures are up 71 percent from a year ago. The August contract
expired yesterday after declining 2.4 percent to $127.95 a barrel
, the lowest settlement price since June 5.
Brent crude oil for September settlement fell as much as $1.20, or
0.9 percent, to $128.35 a barrel on London's ICE Futures Europe
exchange. It was at $128.86 a barrel at 2:05 p.m. Singapore time.
Yesterday, it dropped $3.06, or 2.3 percent, to settle at $129.55
a barrel yesterday, the lowest since June 5.
The dollar traded near a two-week high against the euro at
$1.5795 at 12:07 p.m. in Singapore, after rising 0.9 percent
yesterday and touching the strongest level since July 10.
U.S. crude-oil stockpiles probably fell last week as near- record
prices and low profit margins discouraged buying by refiners,
according to a Bloomberg News survey of analysts.
The Energy Department is scheduled to release its weekly
report tomorrow at 10:35 a.m. in Washington.
SHORT TERM TREND : BEARISH : TARGET RS 5350
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5423, S2 RS 5385, S3 RS 5356
R1 RS 5475, R2 RS 5510, R3 RS 5548
PREFER SHORT AT RS 5465 TO 5475
STOP LOSS RS 5510
TARGET RS 5425
Crude Oil Falls as Hurricane Dolly Misses Fields, Dollar Gains .
Crude oil fell for a second day in New York after forecasters
expect Hurricane Dolly to miss fields in the Gulf of Mexico
and the dollar rebounded, curbing investments in commodities.
Dolly is headed for northern Mexico and southern Texas, and
the dollar gained against the euro on signs U.S. interest rates
may increase. Oil futures have declined more than 15 percent
from a record $147.27 a barrel on July 11 as U.S. gasoline use
fell for a 13th consecutive week.
Crude oil for September delivery fell as much as 87 cents, or
0.7 percent, to $127.55 a barrel, and traded at $127.82 at
1:55 p.m. Singapore time on the New York Mercantile Exchange.
Futures are up 71 percent from a year ago. The August contract
expired yesterday after declining 2.4 percent to $127.95 a barrel
, the lowest settlement price since June 5.
Brent crude oil for September settlement fell as much as $1.20, or
0.9 percent, to $128.35 a barrel on London's ICE Futures Europe
exchange. It was at $128.86 a barrel at 2:05 p.m. Singapore time.
Yesterday, it dropped $3.06, or 2.3 percent, to settle at $129.55
a barrel yesterday, the lowest since June 5.
The dollar traded near a two-week high against the euro at
$1.5795 at 12:07 p.m. in Singapore, after rising 0.9 percent
yesterday and touching the strongest level since July 10.
U.S. crude-oil stockpiles probably fell last week as near- record
prices and low profit margins discouraged buying by refiners,
according to a Bloomberg News survey of analysts.
The Energy Department is scheduled to release its weekly
report tomorrow at 10:35 a.m. in Washington.
Tuesday, July 22, 2008
UPDATES ON JULY 22 2008
JULY 22 TUESDAY
SHORT TERM TREND : BEARISH : TARGET RS 5460
LONG TERM TREND : BULLISH : TARGET RS 6460
S1 RS 5560, S2 RS 5510, S3 RS 5460
R1 RS 5630, R2 RS 5685, R3 RS 5730
PREFER SHORT AT RS 5630 TO 5640
STOP LOSS RS 5685
TARGET RS 5560
Crude Oil Falls as Storm Forecast to Miss Gulf Production Areas .
Crude oil fell in New York as forecasters said a storm in
the Gulf of Mexico will probably miss the main U.S.
production areas, easing concern that supplies
will be disrupted.
Crude oil for August delivery fell as much as 77 cents, or
0.6 percent, to $130.27 a barrel on the New York Mercantile
Exchange. It was at $130.51 a barrel at 2:04 p.m. Singapore
time. Futures are up 74 percent from a year ago.
Yesterday, oil rose $2.16, or 1.7 percent, to settle at $131.04
a barrel. It was the first increase in five days. The August contract
expires today. The more-active September futures declined
43 cents, or 0.3 percent, to $131.39 a barrel at 1:43 p.m.
Singapore time.
Oil settled at $128.88 on July 18, the lowest close since June 5.
Prices dropped 11 percent last week, the most in more than
three years, on signs of slowing global economic growth and
faltering U.S. fuel demand.
Brent crude oil for September settlement fell as much as 71
cents, or 0.5 percent, to $131.90 a barrel on London's ICE
Futures Europe exchange. It was at $132.14 a barrel at 2:06
p.m. Singapore time. The contract yesterday rose $2.42, or
1.9 percent, to settle at $132.61 a barrel. Prices climbed to
a record $147.50 on July 11 .
U.S. oil inventories have fallen in seven of the past nine
weekly government supply reports. Stockpiles rose 2.95 million
barrels in the week ended July 11, the Energy Department
said last week.
SHORT TERM TREND : BEARISH : TARGET RS 5460
LONG TERM TREND : BULLISH : TARGET RS 6460
S1 RS 5560, S2 RS 5510, S3 RS 5460
R1 RS 5630, R2 RS 5685, R3 RS 5730
PREFER SHORT AT RS 5630 TO 5640
STOP LOSS RS 5685
TARGET RS 5560
Crude Oil Falls as Storm Forecast to Miss Gulf Production Areas .
Crude oil fell in New York as forecasters said a storm in
the Gulf of Mexico will probably miss the main U.S.
production areas, easing concern that supplies
will be disrupted.
Crude oil for August delivery fell as much as 77 cents, or
0.6 percent, to $130.27 a barrel on the New York Mercantile
Exchange. It was at $130.51 a barrel at 2:04 p.m. Singapore
time. Futures are up 74 percent from a year ago.
Yesterday, oil rose $2.16, or 1.7 percent, to settle at $131.04
a barrel. It was the first increase in five days. The August contract
expires today. The more-active September futures declined
43 cents, or 0.3 percent, to $131.39 a barrel at 1:43 p.m.
Singapore time.
Oil settled at $128.88 on July 18, the lowest close since June 5.
Prices dropped 11 percent last week, the most in more than
three years, on signs of slowing global economic growth and
faltering U.S. fuel demand.
Brent crude oil for September settlement fell as much as 71
cents, or 0.5 percent, to $131.90 a barrel on London's ICE
Futures Europe exchange. It was at $132.14 a barrel at 2:06
p.m. Singapore time. The contract yesterday rose $2.42, or
1.9 percent, to settle at $132.61 a barrel. Prices climbed to
a record $147.50 on July 11 .
U.S. oil inventories have fallen in seven of the past nine
weekly government supply reports. Stockpiles rose 2.95 million
barrels in the week ended July 11, the Energy Department
said last week.
Friday, July 18, 2008
JULY 18 2008
JULY 18 FRIDAY
SHORT TERM TREND : BEARISH : TARGET RS 5460
LONG TERM TREND : BEARISH : TARGET RS 6460
S1 RS 5560, S2 RS 5510, S3 RS 5460
R1 RS 5660, R2 RS 5700, R3 RS 5763
PREFER SHORTS AT RS 5660 TO 5670
STOP LOSS RS 5730
TARGET RS 5570
Crude closes below $130 on economic worries .
Futures lose $16 in three days ;
Crude-oil futures fell for a third day on Thursday, closing below
$130 a barrel for the first time in more than a month, as worries
continued that slower economic growth will curb oil demand.
Crude has lost nearly $16, or 11%, in the last three days.
Meanwhile, natural-gas futures tumbled 7.6% Wednesday
after government data showed U.S. inventories gained more
than expected.
After rising $2.15 to an intraday high of $136.75 in early morning
trading, crude for August delivery slumped $5.31, or 3.9%, to
end at $129.29 a barrel on the New York Mercantile Exchange,
the lowest since June 5.
The Energy Information Administration reported Wednesday that
over the past four weeks, U.S. motor gasoline demand has
averaged 9.3 million barrels per day, down by 2.1% from
the same period last year.
The EIA also said U.S. crude inventories rose 3 million barrels
in the week ended July 11. Analysts surveyed by energy-
information provider Platts were expecting a drop of
3 million barrels.
Crude's loss led broad declines in most commodities.
The U.S. dollar changed course in afternoon trading, adding
downward pressure to crude.
In other international news, the U.S. is reportedly considering
establishing an embassy in Iran in the next month, according
media reports. It would be the U.S.'s first diplomatic presence
in Iran in 30 years. Signs of increasing stability in the recently
troubled oil-producing nation could potentially underpin
crude prices.
SHORT TERM TREND : BEARISH : TARGET RS 5460
LONG TERM TREND : BEARISH : TARGET RS 6460
S1 RS 5560, S2 RS 5510, S3 RS 5460
R1 RS 5660, R2 RS 5700, R3 RS 5763
PREFER SHORTS AT RS 5660 TO 5670
STOP LOSS RS 5730
TARGET RS 5570
Crude closes below $130 on economic worries .
Futures lose $16 in three days ;
Crude-oil futures fell for a third day on Thursday, closing below
$130 a barrel for the first time in more than a month, as worries
continued that slower economic growth will curb oil demand.
Crude has lost nearly $16, or 11%, in the last three days.
Meanwhile, natural-gas futures tumbled 7.6% Wednesday
after government data showed U.S. inventories gained more
than expected.
After rising $2.15 to an intraday high of $136.75 in early morning
trading, crude for August delivery slumped $5.31, or 3.9%, to
end at $129.29 a barrel on the New York Mercantile Exchange,
the lowest since June 5.
The Energy Information Administration reported Wednesday that
over the past four weeks, U.S. motor gasoline demand has
averaged 9.3 million barrels per day, down by 2.1% from
the same period last year.
The EIA also said U.S. crude inventories rose 3 million barrels
in the week ended July 11. Analysts surveyed by energy-
information provider Platts were expecting a drop of
3 million barrels.
Crude's loss led broad declines in most commodities.
The U.S. dollar changed course in afternoon trading, adding
downward pressure to crude.
In other international news, the U.S. is reportedly considering
establishing an embassy in Iran in the next month, according
media reports. It would be the U.S.'s first diplomatic presence
in Iran in 30 years. Signs of increasing stability in the recently
troubled oil-producing nation could potentially underpin
crude prices.
Wednesday, July 16, 2008
UPDATES ON JULY 16 2008
JULY 16 WEDNESDAY
SHORT TERM TREND : BEARISH: TARGET RS 5860
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5940, S2 RS 5905, S3 RS 5860
R1 RS 6025, R2 RS 6070, R3 RS 6120
PREFER SHORTS AT RS 6025 TO 6035
STOP LOSS RS 6070
TARGET RS 5940
Crude Oil Trades Near $139 After $6 Drop as U.S. Demand Slows .
Crude oil was little changed near $139 a barrel in New York
after its biggest one-day slide in more than 18 years
yesterday as slowing economic growth reduces demand.
Oil had its largest dollar decline since Jan. 17, 1991, and the
biggest percentage drop yesterday since March as
Federal Reserve Chairman Ben S. Bernanke said risks
to growth and inflation have risen. U.S. gasoline demand
fell 5.2 percent last week, the 12th consecutive weekly drop.
Crude oil for August delivery was down 5 cents at $138.69 a
barrel at 11:25 a.m. Singapore time in electronic trading on
the New York Mercantile Exchange. Futures reached a record
$147.27 a barrel on July 11 and have risen 87 percent in the
past year.
Oil fell $9.26 to $135.92 a barrel at 11 a.m. New York time
from $144 a barrel at 10:30 a.m. yesterday, and settled
$6.44, or 4.4 percent, lower at $138.74 a barrel.
Brent crude oil for August settlement traded 14 cents higher
at $138.89 a barrel at 11:21 a.m. Singapore time on London's
ICE Futures Europe exchange. Yesterday, it fell $5.17, or 3.6
percent, to $138.75 a barrel. The August contract, which expires
today, reached a record $147.50 on July 11. The more widely
held September contract dropped $5.47, or 3.8 percent,
yesterday to $139.86 a barrel.
Crude supplies probably declined 2.2 million barrels in the
week ended July 11 from 293.9 million the week before,
according to the median of 10 responses by analysts
surveyed before an Energy Department report at 10:35 a.m
Washington time today.
SHORT TERM TREND : BEARISH: TARGET RS 5860
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5940, S2 RS 5905, S3 RS 5860
R1 RS 6025, R2 RS 6070, R3 RS 6120
PREFER SHORTS AT RS 6025 TO 6035
STOP LOSS RS 6070
TARGET RS 5940
Crude Oil Trades Near $139 After $6 Drop as U.S. Demand Slows .
Crude oil was little changed near $139 a barrel in New York
after its biggest one-day slide in more than 18 years
yesterday as slowing economic growth reduces demand.
Oil had its largest dollar decline since Jan. 17, 1991, and the
biggest percentage drop yesterday since March as
Federal Reserve Chairman Ben S. Bernanke said risks
to growth and inflation have risen. U.S. gasoline demand
fell 5.2 percent last week, the 12th consecutive weekly drop.
Crude oil for August delivery was down 5 cents at $138.69 a
barrel at 11:25 a.m. Singapore time in electronic trading on
the New York Mercantile Exchange. Futures reached a record
$147.27 a barrel on July 11 and have risen 87 percent in the
past year.
Oil fell $9.26 to $135.92 a barrel at 11 a.m. New York time
from $144 a barrel at 10:30 a.m. yesterday, and settled
$6.44, or 4.4 percent, lower at $138.74 a barrel.
Brent crude oil for August settlement traded 14 cents higher
at $138.89 a barrel at 11:21 a.m. Singapore time on London's
ICE Futures Europe exchange. Yesterday, it fell $5.17, or 3.6
percent, to $138.75 a barrel. The August contract, which expires
today, reached a record $147.50 on July 11. The more widely
held September contract dropped $5.47, or 3.8 percent,
yesterday to $139.86 a barrel.
Crude supplies probably declined 2.2 million barrels in the
week ended July 11 from 293.9 million the week before,
according to the median of 10 responses by analysts
surveyed before an Energy Department report at 10:35 a.m
Washington time today.
Tuesday, July 15, 2008
JULY 15 2008
JULY 15 TUESDAY
SHORT TERM TREND : BULLISH: TARGET RS 6330
LONG TERM TREND : BULLISH : TARGET RS 6460
S1 RS 6190, S2 RS 6156, S3 RS 6110
R1 RS 6260, R2 RS 6290, R3 RS 6330
PREFER LONGS AT RS 6190 TO 6180
STOP LOSS RS 6140
TARGET RS 6260
Oil steady, weighs demand fears vs supply risks.
Oil was steady under $145 on Tuesday, as dealers weighed
the impact of high oil prices on global demand against fresh
threats of supply disruptions in Nigeria, Brazil and Iran.
U.S. crude was 30 cents lower at $144.88 a barrel at 0131 GMT,
while London Brent crude fell 32 cents to $143.60 a barrel.
Traders remained concerned about possible supply
disruptions from OPEC member Nigeria -- where
militants in the oil producing region abandoned a cease-fire
-- and from Iran amid tensions with Israel and the West
over Tehran's nuclear program.
The dollar steadied near a record low against the euro on
Tuesday, after rising on the U.S. announcement of an
emergency plan to support two struggling top mortgage
lenders, but worries about economic growth and the financial
system capped its rise.
Rising fuel costs have sparked global protests and cut U.S.
fuel demand during the typical peak summer gasoline season,
but robust growth in emerging economies continues to keep
their appetite to consume high.
Markets were also eyeing a low-pressure system about
1,300 miles east of the Lesser Antilles that could develop
into a tropical depression.
A Reuters poll ahead of weekly U.S. government inventory
data forecast that U.S. crude stocks fell 1.2 million barrels last
week. U.S. gasoline inventories were seen down 300,000
barrels while distillate stocks were seen up 1.9 million barrels.
SHORT TERM TREND : BULLISH: TARGET RS 6330
LONG TERM TREND : BULLISH : TARGET RS 6460
S1 RS 6190, S2 RS 6156, S3 RS 6110
R1 RS 6260, R2 RS 6290, R3 RS 6330
PREFER LONGS AT RS 6190 TO 6180
STOP LOSS RS 6140
TARGET RS 6260
Oil steady, weighs demand fears vs supply risks.
Oil was steady under $145 on Tuesday, as dealers weighed
the impact of high oil prices on global demand against fresh
threats of supply disruptions in Nigeria, Brazil and Iran.
U.S. crude was 30 cents lower at $144.88 a barrel at 0131 GMT,
while London Brent crude fell 32 cents to $143.60 a barrel.
Traders remained concerned about possible supply
disruptions from OPEC member Nigeria -- where
militants in the oil producing region abandoned a cease-fire
-- and from Iran amid tensions with Israel and the West
over Tehran's nuclear program.
The dollar steadied near a record low against the euro on
Tuesday, after rising on the U.S. announcement of an
emergency plan to support two struggling top mortgage
lenders, but worries about economic growth and the financial
system capped its rise.
Rising fuel costs have sparked global protests and cut U.S.
fuel demand during the typical peak summer gasoline season,
but robust growth in emerging economies continues to keep
their appetite to consume high.
Markets were also eyeing a low-pressure system about
1,300 miles east of the Lesser Antilles that could develop
into a tropical depression.
A Reuters poll ahead of weekly U.S. government inventory
data forecast that U.S. crude stocks fell 1.2 million barrels last
week. U.S. gasoline inventories were seen down 300,000
barrels while distillate stocks were seen up 1.9 million barrels.
Saturday, July 12, 2008
UPDATES ON JULY 12 SATURDAY
JULY 12 SATURDAY
Oil, Gasoline, Rise to Records on Middle East
Violence Concern .
Crude oil and gasoline rose to records on growing concern
about violence in the Middle East and supply
disruptions from Brazil to Nigeria.
Oil jumped as high as $147.27 a barrel in New York
after the Jerusalem Post said Israeli war planes
practiced over Iraq. Israeli government
spokesman Mark Regev denied the report.
A Brazilian oil workers union is planning a
five-day strike. Prices have jumped more than
$10 a barrel since July 9.
Crude oil for August delivery rose $3.43 or 2.4 percent,
to settle at $145.08 a barrel at 2:50 p.m. on the New York
Mercantile Exchange. Futures, which fell 21 cents this week,
have doubled over the past year.
The gain in prices has triggered computer-generated
buying programs. Futures tumbled 6.4 percent on
July 7 and 8, the biggest two-session decline since March.
Oil, Gasoline, Rise to Records on Middle East
Violence Concern .
Crude oil and gasoline rose to records on growing concern
about violence in the Middle East and supply
disruptions from Brazil to Nigeria.
Oil jumped as high as $147.27 a barrel in New York
after the Jerusalem Post said Israeli war planes
practiced over Iraq. Israeli government
spokesman Mark Regev denied the report.
A Brazilian oil workers union is planning a
five-day strike. Prices have jumped more than
$10 a barrel since July 9.
Crude oil for August delivery rose $3.43 or 2.4 percent,
to settle at $145.08 a barrel at 2:50 p.m. on the New York
Mercantile Exchange. Futures, which fell 21 cents this week,
have doubled over the past year.
The gain in prices has triggered computer-generated
buying programs. Futures tumbled 6.4 percent on
July 7 and 8, the biggest two-session decline since March.
Friday, July 11, 2008
UPDATES ON JULY 11 2008
JULY 11 FRIDAY
SHORT TERM TREND : SIDEWAYS: TARGET RS 5860 TO 5975
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5885, S2 RS 5860, S3 RS 5830
R1 RS 5960, R2 RS 5990, R3 RS 6035
MARKET IS EXPECTED TO MO0VE SIDEWAYS.
Oil Is Little Changed After Rising 4% on Concern About Supplies .
Crude oil was little changed in New York after rising 4
percent yesterday as Brazilian oil workers threatened a
strike and on rising concern that supplies from the
Middle East and Nigeria may be disrupted.
Crude oil for August delivery rose 6 cents to $141.71 a
barrel on the New York Mercantile Exchange at 10:59
a.m. in Singapore. Yesterday, it soared $5.60 to settle
at $141.65 a barrel, the biggest one-day increase since
June 6. Prices had risen to an intra-day high of $142.13
a barrel. Nymex crude oil touched a record $145.85 on
July 3. Futures are up 96 percent from a year ago.
Iran, the second-biggest producer in the Middle East,
this week tested missiles capable of reaching Israel,
increasing concern that a conflict may cut supply. The
Movement for the Emancipation of the Niger Delta said
attacks will resume on oil facilities.
Iran's military yesterday fired the missiles during a third
day of war games, Agence France-Presse reported, citing
the Web site of Iranian state-run television. Missiles
were also launched on July 9.
Brent crude oil for August settlement fell 7 cents to $141.96
a barrel at 10:57 a.m. Singapore time on London's ICE
Futures Europe exchange. Yesterday, the contract
gained $5.45, or 4 percent, to $142.03 a barrel. Prices
climbed to a record $146.69 on July 3.
SHORT TERM TREND : SIDEWAYS: TARGET RS 5860 TO 5975
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5885, S2 RS 5860, S3 RS 5830
R1 RS 5960, R2 RS 5990, R3 RS 6035
MARKET IS EXPECTED TO MO0VE SIDEWAYS.
Oil Is Little Changed After Rising 4% on Concern About Supplies .
Crude oil was little changed in New York after rising 4
percent yesterday as Brazilian oil workers threatened a
strike and on rising concern that supplies from the
Middle East and Nigeria may be disrupted.
Crude oil for August delivery rose 6 cents to $141.71 a
barrel on the New York Mercantile Exchange at 10:59
a.m. in Singapore. Yesterday, it soared $5.60 to settle
at $141.65 a barrel, the biggest one-day increase since
June 6. Prices had risen to an intra-day high of $142.13
a barrel. Nymex crude oil touched a record $145.85 on
July 3. Futures are up 96 percent from a year ago.
Iran, the second-biggest producer in the Middle East,
this week tested missiles capable of reaching Israel,
increasing concern that a conflict may cut supply. The
Movement for the Emancipation of the Niger Delta said
attacks will resume on oil facilities.
Iran's military yesterday fired the missiles during a third
day of war games, Agence France-Presse reported, citing
the Web site of Iranian state-run television. Missiles
were also launched on July 9.
Brent crude oil for August settlement fell 7 cents to $141.96
a barrel at 10:57 a.m. Singapore time on London's ICE
Futures Europe exchange. Yesterday, the contract
gained $5.45, or 4 percent, to $142.03 a barrel. Prices
climbed to a record $146.69 on July 3.
Thursday, July 10, 2008
UPDATES ON JULY 10 2008
JULY 10 THURSDAY
SHORT TERM TREND : SIDEWAYS: TARGET RS 5830 TO 5970
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5840, S2 RS 5790, S3 5735
R1 RS 5927, R2 RS 5967, R3 RS 6015
PREFER INTRA DAY SHORTS AT RS 5927 TO 5932
STOP LOSS RS 5967
TARGET RS 5840
Crude Oil Rises as Traders Decide Prices Fell Too Far, Too Fast .
Crude oil rose in New York as traders purchased
contracts after deciding that prices fell too far,
too fast over the previous two days.
Oil has dropped 6.3 percent since reaching a
record $145.85 a barrel on July 3.
Crude oil for August delivery rose as much as 85 cents,
or 0.6 percent, to $136.90 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$136.69 a barrel at 9:14 a.m. Singapore time. Yesterday,
futures rose 1 cent to settle at $136.05 a barrel. Prices are
up 88 percent from a year ago.
Brent crude oil for August settlement rose as much at 88
cents to $137.46 a barrel on London's ICE Futures Europe
exchange and was trading at $137.29 at 9:11 a.m. Singapore
time. It rose 15 cents to settle at $136.58 a barrel yesterday.
Prices climbed to a record $146.69 on July 3.
SHORT TERM TREND : SIDEWAYS: TARGET RS 5830 TO 5970
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5840, S2 RS 5790, S3 5735
R1 RS 5927, R2 RS 5967, R3 RS 6015
PREFER INTRA DAY SHORTS AT RS 5927 TO 5932
STOP LOSS RS 5967
TARGET RS 5840
Crude Oil Rises as Traders Decide Prices Fell Too Far, Too Fast .
Crude oil rose in New York as traders purchased
contracts after deciding that prices fell too far,
too fast over the previous two days.
Oil has dropped 6.3 percent since reaching a
record $145.85 a barrel on July 3.
Crude oil for August delivery rose as much as 85 cents,
or 0.6 percent, to $136.90 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$136.69 a barrel at 9:14 a.m. Singapore time. Yesterday,
futures rose 1 cent to settle at $136.05 a barrel. Prices are
up 88 percent from a year ago.
Brent crude oil for August settlement rose as much at 88
cents to $137.46 a barrel on London's ICE Futures Europe
exchange and was trading at $137.29 at 9:11 a.m. Singapore
time. It rose 15 cents to settle at $136.58 a barrel yesterday.
Prices climbed to a record $146.69 on July 3.
Wednesday, July 9, 2008
UPDATES ON JULY 9 2008
JULY 9 WEDNESDAY
SHORT TERM TREND : BEARISH: TARGET RS 5730
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5845, S2 RS 5790, S3 RS 5735
R1 RS 5948, R2 RS 5980, R3 RS 6015
PREFER SHORTS AT RS 5940 TO 5946
STOP LOSS RS 5980
TARGET RS 5845
Oil Is Near Two-Week Low as Dollar Rises, Iran Dismisses War .
Crude oil traded near a two-week low in New York after
falling almost 4 percent yesterday as Iran downplayed
the possibility of a war and the dollar rose, limiting the
appeal of commodities.
The dollar traded near a two-week high against the euro,
reducing the demand for oil as an inflation hedge. Crude
has dropped more than $9 from a record $145.85 a barrel
reached on July 3.
Crude oil for August delivery was at $136.50 a barrel, up
46 cents, at 12:49 p.m. Singapore time on the New York
Mercantile Exchange. Yesterday, oil tumbled $5.33, or
3.8 percent, to settle at $136.04 a barrel, the biggest
drop since March 31. Futures lost 6.4 percent in the
previous two days, the biggest two-session decline
since March 20. Prices are up 89 percent from a
year ago.
Brent crude oil for August settlement was at $137.00 a
barrel, up 57 cents, on London's ICE Futures Europe
exchange at 12:46 p.m. Singapore time. Yesterday, it
declined $5.44, or 3.8 percent, to settle at $136.43 a
barrel, the biggest drop since March 19. Prices climbed
to a record $146.69 on July 3.
Oil in New York climbed 8.3 percent in the two weeks leading
up to the July 3 record on reports that Israel may attack
Iran over its nuclear program. Iran said that it is seeking
atomic power to generate electricity and not construct
weapons.
Crude-oil stockpiles probably fell 2.05 million barrels in the
week ended July 4 from 299.8 million barrels, according to
the median of responses by 12 analysts before an Energy
Department report today.
SHORT TERM TREND : BEARISH: TARGET RS 5730
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 5845, S2 RS 5790, S3 RS 5735
R1 RS 5948, R2 RS 5980, R3 RS 6015
PREFER SHORTS AT RS 5940 TO 5946
STOP LOSS RS 5980
TARGET RS 5845
Oil Is Near Two-Week Low as Dollar Rises, Iran Dismisses War .
Crude oil traded near a two-week low in New York after
falling almost 4 percent yesterday as Iran downplayed
the possibility of a war and the dollar rose, limiting the
appeal of commodities.
The dollar traded near a two-week high against the euro,
reducing the demand for oil as an inflation hedge. Crude
has dropped more than $9 from a record $145.85 a barrel
reached on July 3.
Crude oil for August delivery was at $136.50 a barrel, up
46 cents, at 12:49 p.m. Singapore time on the New York
Mercantile Exchange. Yesterday, oil tumbled $5.33, or
3.8 percent, to settle at $136.04 a barrel, the biggest
drop since March 31. Futures lost 6.4 percent in the
previous two days, the biggest two-session decline
since March 20. Prices are up 89 percent from a
year ago.
Brent crude oil for August settlement was at $137.00 a
barrel, up 57 cents, on London's ICE Futures Europe
exchange at 12:46 p.m. Singapore time. Yesterday, it
declined $5.44, or 3.8 percent, to settle at $136.43 a
barrel, the biggest drop since March 19. Prices climbed
to a record $146.69 on July 3.
Oil in New York climbed 8.3 percent in the two weeks leading
up to the July 3 record on reports that Israel may attack
Iran over its nuclear program. Iran said that it is seeking
atomic power to generate electricity and not construct
weapons.
Crude-oil stockpiles probably fell 2.05 million barrels in the
week ended July 4 from 299.8 million barrels, according to
the median of responses by 12 analysts before an Energy
Department report today.
Tuesday, July 8, 2008
UPDATES ON JULY 8 2008
JULY 8 TUESDAY
SHORT TERM TREND : SIDEWAYS: TARGET RS 6110 TO 6235
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 6110, S2 RS 6065, S3 RS 6020
R1 RS 6195, R2 RS 6235, R3 RS 6270
MARKET IS EXPECTED TO MOVE SIDEWAYS
Oil Rises as Mexican Field Output Falls, Hurricane
Strengthens .
Crude oil rose in New York after production at Mexico's
biggest field declined and the first hurricane formed in the
Atlantic Ocean this year, raising concern output may be
disrupted.
In the Atlantic, Bertha has intensified into a ``major'' Category
3 storm with winds of 120 miles per hour, the
U.S. National Hurricane Centre said.
Crude oil for August delivery rose as much as 82 cents, or
0.6 percent, to $142.19 a barrel on the New York Mercantile
Exchange. It was at $141.98 a barrel at 11:54 a.m.
Singapore time. Oil yesterday settled down $3.92, or 2.7
percent, at $141.37 a barrel. It reached a record $145.85
on July 3. Prices have surged 97 percent in the past year.
Tropical cyclones Katrina and Rita closed fields and
refineries along the U.S. coast of the Gulf of Mexico
in 2005.
Brent crude oil for August settlement gained as much as
63 cents, or 0.4 percent, to $142.50 a barrel on London's
ICE Futures Europe exchange. Futures reached a
record $146.69 on July 3.
SHORT TERM TREND : SIDEWAYS: TARGET RS 6110 TO 6235
LONG TERM TREND : BULLISH: TARGET RS 6460
S1 RS 6110, S2 RS 6065, S3 RS 6020
R1 RS 6195, R2 RS 6235, R3 RS 6270
MARKET IS EXPECTED TO MOVE SIDEWAYS
Oil Rises as Mexican Field Output Falls, Hurricane
Strengthens .
Crude oil rose in New York after production at Mexico's
biggest field declined and the first hurricane formed in the
Atlantic Ocean this year, raising concern output may be
disrupted.
In the Atlantic, Bertha has intensified into a ``major'' Category
3 storm with winds of 120 miles per hour, the
U.S. National Hurricane Centre said.
Crude oil for August delivery rose as much as 82 cents, or
0.6 percent, to $142.19 a barrel on the New York Mercantile
Exchange. It was at $141.98 a barrel at 11:54 a.m.
Singapore time. Oil yesterday settled down $3.92, or 2.7
percent, at $141.37 a barrel. It reached a record $145.85
on July 3. Prices have surged 97 percent in the past year.
Tropical cyclones Katrina and Rita closed fields and
refineries along the U.S. coast of the Gulf of Mexico
in 2005.
Brent crude oil for August settlement gained as much as
63 cents, or 0.4 percent, to $142.50 a barrel on London's
ICE Futures Europe exchange. Futures reached a
record $146.69 on July 3.
Tuesday, July 1, 2008
JULY 1 2008
JULY 1 TUESDAY
SHORT TERM TREND : BULLISH : TARGET RS 6230
LONG TWERM TREND : BULLISH : TARGET RS 6360
S1 RS 6053, S2 RS 6020, S3 RS 5990
R1 RS 6130, R2 RS 6180, R3 RS 6230
PREFER LONG AT RS 6055 TO 6050
STOP LOSS RS 6020
TARGET RS 6130
Oil Trades Above $141 on Concern Iran May Face Military Attacks
Crude oil rose in New York on concern that Iran, the
second-largest producer in the Organization of Petroleum
Exporting Countries, may face military attacks over its
nuclear program, disrupting Middle East supplies.
Oil climbed above $141 a barrel after U.S. officials urged
tighter sanctions on Iran and a military spokesman
vowed to keep supplies moving through the Strait of
Hormuz. BP Plc, Europe's second-largest oil company,
said it's ``very disappointed'' that many expatriate
TNK-BP Holding staff will have to leave Russia
following refusal of work visas.
Crude oil for August delivery rose as much as $1.44,
or 1 percent, to $141.44 a barrel in after-hours
trading on the New York Mercantile Exchange.
It was at $141.06 a barrel at 2:47 p.m. Singapore time.
Yesterday, it touched a record $143.67 before retreating
to settle 21 cents lower at $140 a barrel. The price
climbed 38 percent between April and June, the biggest
quarterly increase in nine years.
Brent crude oil for August settlement climbed as much as
$1.50, or 1.1 percent, to $141.33 a barrel on London's
ICE Futures Europe exchange and was trading at
$141 at 2:48 p.m. Singapore time. The contract fell
48 cents, or 0.3 percent, to $139.83 a barrel yesterday,
after reaching a record $143.91.
SHORT TERM TREND : BULLISH : TARGET RS 6230
LONG TWERM TREND : BULLISH : TARGET RS 6360
S1 RS 6053, S2 RS 6020, S3 RS 5990
R1 RS 6130, R2 RS 6180, R3 RS 6230
PREFER LONG AT RS 6055 TO 6050
STOP LOSS RS 6020
TARGET RS 6130
Oil Trades Above $141 on Concern Iran May Face Military Attacks
Crude oil rose in New York on concern that Iran, the
second-largest producer in the Organization of Petroleum
Exporting Countries, may face military attacks over its
nuclear program, disrupting Middle East supplies.
Oil climbed above $141 a barrel after U.S. officials urged
tighter sanctions on Iran and a military spokesman
vowed to keep supplies moving through the Strait of
Hormuz. BP Plc, Europe's second-largest oil company,
said it's ``very disappointed'' that many expatriate
TNK-BP Holding staff will have to leave Russia
following refusal of work visas.
Crude oil for August delivery rose as much as $1.44,
or 1 percent, to $141.44 a barrel in after-hours
trading on the New York Mercantile Exchange.
It was at $141.06 a barrel at 2:47 p.m. Singapore time.
Yesterday, it touched a record $143.67 before retreating
to settle 21 cents lower at $140 a barrel. The price
climbed 38 percent between April and June, the biggest
quarterly increase in nine years.
Brent crude oil for August settlement climbed as much as
$1.50, or 1.1 percent, to $141.33 a barrel on London's
ICE Futures Europe exchange and was trading at
$141 at 2:48 p.m. Singapore time. The contract fell
48 cents, or 0.3 percent, to $139.83 a barrel yesterday,
after reaching a record $143.91.
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