UPDATES ON OCT 31 2008

OCT 31 FRIDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 3200 , S2 RS 3120

R1 RS 3300 , R2 RS 3350

STAY SHORT AT RESISTENCE.

Crude Oil Is Poised for Biggest Monthly Drop as Demand

Declines .

Crude oil fell in New York, poised for its biggest

monthly drop since trading began in 1983, on concern

that the decline in the U.S. economy will curb fuel

demand in August fell 8.9 percent from a year earlier, the

Energy Department said.


Oil retreated, taking this month's decline to 36 percent, after

the U.S. Commerce Department said yesterday that gross

domestic product contracted in the third quarter at the biggest

annual pace since 2001. U.S. fuel demand in August fell 8.9

percent from a year earlier, the Energy Department said.

Crude oil for December delivery fell as much as $1.60, or

2.4 percent, to $64.36 a barrel. It was at $64.51 a barrel at

12:35 p.m. Singapore time on the New York Mercantile

Exchange. Oil's monthly decline may pass February 1986

as the worst month ever, when it dropped 30 percent to

$13.26 a barrel.

Prices, which have tumbled 56 percent from a record

$147.27 on July 11, are down 32 percent from a year ago.

Futures dropped $1.54, or 2.3 percent, yesterday to

settle at $65.96 a barrel.

Oil climbed more than $4 a barrel on Oct. 29, the biggest gain in

a month, after the U.S. and China, the two biggest energy

consumers, cut interest rates to spur economic growth.

Prices also rose because the dollar fell the most against

the currencies of six major U.S. trading partners since 1998.

China, the largest energy consumer after the U.S., cut

interest rates this week after economic expansion in the

third quarter slowed to the slowest pace in five years.

Monthly data for U.S. August fuel consumption, measured

in terms of products supplied by refiners, dropped to

17.4 million barrels a day, according to the Petroleum

Supply Monthly. That was down from 19.1 million

barrels in August 2007.

U.S. fuel demand during the past four weeks averaged 18.9

million barrels a day, down 7.8 percent from a year ago, an

Energy Department report showed Oct. 29. UBS AG yesterday

cut its 2009 oil-price forecast by 43 percent to $60 a barrel

from $105 because the global economic slowdown may

reduce demand.

OPEC agreed on Oct. 24 to reduce their production targets by

1.5 million barrels a day in an attempt to bolster falling

oil prices. The OPEC basket price, a weighted average of

11 crude grades produced by the group, was at $58.13 a

barrel on Oct. 29, down from a peak of $140.73 a barrel

on July 3.

Brent crude oil for December settlement fell as much as

$1.73, or 2.7 percent, to $61.98 a barrel on London's ICE

Futures Europe exchange. It was at $62.10 a barrel at

12:36 p.m. Singapore time. Prices have fallen 31 percent

in the past year.

Crude oil may rise next week on speculation that interest

- rate cuts in the U.S. and China will bolster fuel demand

and as traders buy on speculation of rally after an historic

decline.

UPDATE

UPDATE ON OCTOBER 30 AT 7 PM

Crude oil fell amid skepticism that interest rate cuts will be sufficient to bolster the global economy and increase fuel demand.

Crude oil for December delivery dropped 69 cents, or

1 percent, to $66.81 a barrel at 9:53 a.m. on the New York

Mercantile Exchange. Futures touched $70.60, the highest

since Oct. 22. Prices, which have tumbled 55 percent since

reaching a record $147.27 on July 11, are down 26 percent

from a year ago.

Brent crude oil for December settlement declined 94 cents,

or 1.4 percent, to $64.53 a barrel on London's ICE Futures

Europe exchange. Futures touched $68.35 earlier today, the

highest since Oct. 22.

UPDATES ON OCT 29 2008

OCT 29 WEDNESDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 3210 , S2 RS 3160

R1 RS 3280 . R2 RS 3360

Crude Oil Rises as Global Equities Gain, OPEC

Considers Meeting .

Crude oil rose for the first time in four days after U.S. and

Asian stocks surged and OPEC said it may meet again before

December to consider a second cut in production in as many

months.

Crude oil for December delivery rose as much as $3.98, or 6.3

percent, to $66.71 a barrel on the New York Mercantile

Exchange. It was at $64.72 a barrel at 11:20 a.m. Singapore

time. Prices reached a record $147.27 on July 11.

Yesterday, futures fell 49 cents, or 0.8 percent, to $62.73

a barrel, the lowest close since May 16, 2007, after a

Conference Board report showed the lowest confidence

reading since records began in 1967. They rose 1.8

percent, along with U.S. stocks, in after-hours

electronic trading.

The U.S. Energy Department will probably report today that

U.S. supplies of crude oil, gasoline and distillate fuel, a

category that includes heating oil and diesel, rose last

week, a Bloomberg News survey showed.

Brent crude oil for December settlement rose as much as

$3.90, or 6.5 percent, to $64.19 a barrel on London's ICE

Futures Europe exchange. It was at $62.25 a barrel at

11:20 a.m. Singapore time. The contract yesterday

dropped $1.12, or 1.8 percent, to settle at $60.29 a barrel,

the lowest settlement since March 20, 2007.

UPDATES ON OCT 25 2008

OCT 25 SATURDAY

Oil Tumbles on Signs OPEC Cut Won't Halt Slide

as Demand Drops .

Crude oil tumbled to a 16-month low as OPEC's decision to

slash production by 1.5 million barrels a day failed to ease

concern that the global economic slump is curbing fuel

demand.

The 13 members of the Organization of Petroleum Exporting

Countries agreed to lower supply starting in November, oil

ministers said today at a meeting in Vienna. Prices have

dropped 56 percent from the record $147.27 a barrel reached

on July 11 as stock markets declined.

Crude oil for December delivery fell $3.69, or 5.4 percent, to

settle at $64.15 a barrel at 2:43 p.m. on the New York

Mercantile Exchange, the lowest since May 31, 2007.

Futures are down 26 percent from a year ago. The December

contract dropped 11 percent this week, the fourth straight

weekly decline.

Global oil demand may decline for the first time in 15 years in

2008 and stagnate next year, the Centre for Global Energy

Studies said in a report on Oct. 20. OPEC, the International

Energy Agency and U.S. Energy Department cut their

forecasts for growth earlier this month.

Brent crude oil for December settlement declined $3.87, or

5.9 percent, to $62.05 a barrel on London's ICE Futures

Europe exchange, the lowest settlement price since

March 21, 2007.

UPDATES ON OCT 24 2008

OCT 24 FRIDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 R S 3430 , S2 RS 3370

R1 RS 3540 , R2 RS 3595

WAIT FOR CONFIRMATION.

Oil Pares Gains on Concern Demand to Fall on

Slowing Economy .

Crude oil pared gains on concern demand will fall

as global economic growth slows.

Oil for December delivery was at $67.64 a barrel, down 20 cents,

on the New York Mercantile Exchange at 12 p.m. Singapore

time. It earlier rose as much as $1.66, or 2.5 percent, to

69.50 a barrel. Prices are down 22 percent from a year

ago and 5.9 percent this week.

UPDATE

TECHNICALS FOR OCTOBER 23

MCX NOVEMBER CRUDE OIL

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

SUPPORTS : 3345, 3290

RESISTANCES : 3460, 3513

STAY SHORT AT RESISTANCES

UPDATES ON OCT 23 2008

OCT 23 THURSDAY


Crude Oil Rises Before OPEC Meeting to Discuss

Production Cuts .

Crude oil rose in New York, rebounding from a 16-month low,

before a meeting of the Organization of Petroleum Exporting

Countries to discuss production cuts.

OPEC may cut output by more than the expected 1 million

barrels a day predicted by analysts in a Bloomberg News

survey when they meet tomorrow in Vienna.

Crude oil for December delivery rose as much as $1.06, or

1.6 percent, to $67.81 a barrel on the New York Mercantile

Exchange. It was at $67.60 a barrel at 8:24 a.m. Singapore

time. Yesterday, crude oil futures fell $5.43 to $66.75 a

barrel in New York, the lowest settlement since June

13, 2007.

Prices, which have tumbled 55 percent since reaching a record

$147.27 on July 11, are down 24 percent from a year ago.

Brent crude oil for December settlement rose as much as

95 cents, or 1.5 percent, to $65.47 a barrel on London's

ICE Futures Europe exchange. It was at $65.42 a barrel

at 8:39 a.m. Singapore time. The contract fell yesterday

$5.20, or 7.5 percent, to $64.52 a barrel, the lowest close

since May 7, 2007.

UPDATE

TECHNICALS FOR OCTOBER 22

MCX NOVEMBER CRUDE OIL

SHORT TERM TREND : BEARISH

SHORT TERM TREND : BEARISH

SUPPORTS : 3530, 3440

RESISTANCES : 3640, 3730

STAY SHORT AT RESISTANCES

UPDATE

UPDATE FOR 21 OCTOBER

Crude oil fell for a second day after the U.S. dollar climbed

to 20-month high against the euro, reducing the appeal

of commodities as a hedge.

Investors looking for protection against the dollar's decline

earlier this year helped lead crude oil, gold, corn and gasoline

to records. Oil yesterday gave up early gains on expectations

the OPEC will reduce output at a meeting in Vienna this week,

closing lower as the dollar advanced.

Crude oil for December delivery fell 56 cents to $71.62 a barrel

on the New York Mercantile Exchange at 10:25 a.m. in Sydney.

The November contract expired yesterday, after declining

$3.36 to settle at $70.89 a barrel. Prices, which have tumbled

52 percent since reaching a record $147.27 on July 11, are

down 20 percent from a year ago.

UPDATE

TECHNICALS FOR OCTOBER 21

MCX NOVEMBER CRUDE OIL

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

SUPPORTS : S1 3710 S2 3630

RESISTANCES : R1 3780 R2 3830

GO SHORT AT RESISTANCES

UPDATES ON OCT 20 2008

OCT 20 MONDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 3560 , S2 RS 3480

R1 RS 3680 , R2 RS 3756

STAY SHORT AT RESISTENCE.

UPDATES ON OCT 17 2008

OCT 17 FRIDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 3430 , S2 RS 3356

R1 RS 3558 , R2 RS 3610

Crude Oil Rebounds From 13-Month Low as OPEC May

Cut Production .

Crude oil rebounded from a 13-month low in New York on

speculation OPEC may announce production cuts at a

meeting next week as weakening demand caused by

slowing economic growth bolstered stockpiles.

Oil climbed above $72 a barrel after OPEC said it brought

forward to next week a November meeting to discuss

production. Prices fell below $70 yesterday as U.S. crude

oil inventories rose more than twice as forecast last week,

and then rebounded in after-hours electronic trading as

U.S. equities gained.

Crude oil for November delivery rose as much as $3.17, or

4.5 percent, to $73.02 a barrel, and traded at $72.47 at

10:53 a.m. Singapore time on the New York Mercantile

Exchange. Yesterday it fell $4.69, or 6.3 percent, to $69.85

a barrel, the lowest settlement since Aug. 23, 2007.

U.S. crude oil supplies rose 5.6 million barrels to 308.2

million barrels last week, the Department of Energy said in

a weekly report yesterday. Crude oil inventories were

forecast to rise 2.6 million barrels, according to the median

of analyst estimates in a Bloomberg News survey.

Brent crude oil for December settlement rose as much as

$2.76, or 4.1 percent, to $70.60 a barrel on London's ICE

Futures Europe exchange. It was at $69.98 a barrel at

10:47 a.m. Singapore time.

Market news

EIA US Energy Dept inventories data + 2.03

Expected 1.9 Mbrl.

Natural gas + 79 Mbrls.

UPDATES ON OCT 16 2008

OCT 16 THURSDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 3680 , S2 RS 3585

R1 RS 3760 , R2 RS 3840

STAY SHORT AT RESISTENCE.

Oil Falls to 13-Month Low on Recession Concern, Equities Drop .

Crude oil fell for a third day, taking its decline from the

July record to more than 50 percent, after a global stock

plunge heightened concern bank bailouts won't prevent

a recession.

Oil, which has followed movements in equity markets this

month, traded below $73 a barrel as Asian stocks slumped

after the Standard & Poor's 500 Index had its biggest loss

since 1987 yesterday. The Organization of Petroleum

Exporting Countries cut its 2009 demand forecast because of

``dramatically worsening'' financial market conditions.

Crude oil for November delivery fell as much as $1.58, or 2.1

percent, to $72.96 a barrel in after-hours trading on the New

York Mercantile Exchange, the lowest since Aug. 30, 2007.

It was at $73.35 a barrel at 11:06 a.m. Singapore time.

Prices are down 16 percent from a year ago and have dropped

50 percent from the record $147.27 a barrel reached on July

11. Yesterday, oil dropped $4.09, or 5.2 percent, to settle at

$74.54 a barrel.

A government report today will show that U.S. crude-oil and

gasoline inventories rose last week, according to the median

of responses by analysts in a Bloomberg News survey. The

report will be released a day late because of the Columbus

Day federal holiday Oct. 13 in the U.S.

Brent crude oil for November settlement declined as much as

$1.30, or 1.8 percent, to $69.50 a barrel on London's ICE

Futures Europe exchange.

Market Alrt on Oct 15 Wednesday 4.15 PM IST

Nymex crude trading at crucial support $ 77.

If market sustains below these levels it may test

further levels $ 73.

MCX Nov Crude Rs 3720 and 3650.

UPDATES ON OCT 15 2008

OCT 15 WEDNESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 3885 , S2 RS 3810

R1 RS 3975 , R2 RS 4040

STAY SHORT AT RESISTENCE.

Crude drops as demnd concern weighs

Crude futures traded lower on doubts that the US

Government's plan to buy shares in large banks

will prevent further decline in world oil demand.

Light Sweet Crude for November delivery traded 61

cents or 0.78 per cent lower at $ 80.58 a a berrel

on the New Yprk Mercantile Exchange.

Brent Crude on ICE futures traded 57 cents lower

at $ 76.89 a barrel

UPDATES ON OCT 14 2008

OCT 14 TUESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 3930 , S2 RS 3840

R1 RS 4010 , R2 RS 4070

STAY SHORT AT RESISTENCE.

Oil Rises for a Second Day as Governments Move to Support Banks .

Crude oil rose in New York, heading for its biggest

two-day gain in three weeks, as governments in the

U.S. and Europe acted to stem the worst financial

crisis since the 1930s.

Oil followed stock markets higher as the Bush administration

plans to in inject about $125 billion into nine major U.S. banks

in a push to restore confidence. The International Energy

Agency last week said global oil demand this year will grow at

the slowest pace since 1993 as economies slide into a recession.

Crude oil for November delivery rose as much as $2.49, or 3.1

percent, to $83.68 a barrel in after-hours electronic trading

on the New York Mercantile Exchange. It was at $83.18 a

barrel at 12:38 p.m. Singapore time. Oil has climbed 7.1

percent in the past two days, the most since Sept. 22.

Prices, which are down 3.1 percent from a year ago, have

dropped 44 percent from the record $147.27 a barrel

reached on July 11.

The U.S. government will announce a plan to rescue frozen

credit markets that includes spending about half of a total

of $250 billion for preferred shares of nine major banks,

people briefed on the matter said.

Brent crude oil for November settlement climbed as much as

$1.92, or 2.5 percent, to $79.38 a barrel on London's ICE

Futures Europe exchange. It was at $78.88 a barrel at

12:37 p.m. Singapore time.

Crude oil stockpiles probably increased 2.6 million barrels in

the week ended Oct. 10 from 302.6 million the week before,

according to the median of 10 analyst estimates before an

Energy Department report this week.

UPDATES ON OCT 13 2008

OCT 13 MONDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 3840 , S2 RS 3770

R1 RS 3960 , R2 RS 4030

STAY SHORT AT RESISTENCE.

Oil Price Rises From 13-Month Low as Governments Pledge

Support .

Crude oil prices rose from a 13-month low in New York as

governments in the U.S., Europe and Asia pledged to avert

a collapse in the financial system while turmoil in credit

markets threatens to stall the global economy.

Oil gained for the first time in four days after the 15 nations

using the euro agreed to shore up their banks, and

Richard W. Fisher, president of the Dallas Fed bank, said

the U.S. Federal Reserve will do everything necessary to

stabilize financial markets.

Crude oil for November delivery rose as much as $3.37, or

4.3 percent, to $81.07 a barrel in electronic trading on the

New York Mercantile Exchange. It traded at $79.93 a barrel

at 12:23 p.m. in Singapore.

Brent crude oil for November settlement rose as much as $2.91,

or 3.9 percent, to $77 a barrel on London's ICE Futures Europe

Exchange, and traded at $75.94 at 12:18 p.m. Singapore time.

The contract slumped $8.57, or 10 percent, to $74.09 on

Oct. 10, the lowest settlement since Sept. 4, 2007. It dropped

18 percent last week.

Oil fell from a record $147.27 in New York in July as demand

expectations deteriorated and the weaker outlook in Europe

and Asia lifted the dollar, reducing the appeal of commodities

priced in the U.S. currency.

Goldman Sachs Group Inc. lowered its crude oil price forecasts

for a second time this year after the global financial crisis

deepened.

Goldman lowered their forecasts for 2009, with the average for

the year reduced to $86 a barrel from $123. The bank's end-

2009 target was cut to $107 a barrel from $125.

UPDATES

MCX CRUDE OIL OCTOBER

SHORT TERM TREND : BEARISH

LONG TERM VIEW : BEARISH

SUPPORT : S1 4180 S2 4110

RESISTANCES : R1 4260 R2 4340

STAY SHORT AT RESISTANCES

Market news on Oct 8 20.12 IST

EIA US Energy Dept Coil inventories data

+8.1 mbrls

Expected + 2.3 mbrls.

UPDATES ON OCT 8 2008

OCT 8 WEDNESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 4210 , S2 RS 4165

R1 RS 4335 , R2 RS 4390

STAY SHORT AT RESISTENCE.

Oil Trades Below $90 on Demand Slump, Worsening Credit Crisis .

Crude oil fell in New York, trading below $90 a barrel, as

consumption weakens in the U.S. and other developed

nations amid a worsening credit crisis that's restraining

economic growth.

Oil retreated after rising 2.6 percent yesterday, its first

rally in a week. U.S. gasoline demand dropped 9.5 percent

last week, according to MasterCard Inc., and falling

consumption yesterday prompted the Energy Department to

cut its oil price forecasts. Global stock markets have plunged

as banks freeze credit lines to investors and companies.

Crude oil for November delivery fell as much as $1.09, or

1.2 percent, to $88.97 a barrel in after-hours electronic

trading on the New York Mercantile Exchange, and traded

at $89.04 at 12:02 p.m. in Singapore.

The stock market decline has spurred concern that growth

will slow and crimp demand for fuels.

U.S. oil demand will average 19.8 million barrels a day this

year, down 830,000 barrels a day from 2007. This year's

demand forecast was reduced 270,000 barrels from

last month.

Crude oil is more expensive than gasoline for delivery in the

next four months, meaning refiners risk losing money on

every gallon they make.

Brent crude oil for November settlement dropped as much

as 86 cents, or 1 percent, to $83.80 a barrel on London's

ICE Futures Europe exchange.

TECHNICALS

TECHNICALS FOR OCTOBER 7

MCX CRUDE OIL OCTOBER

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

SUPPORTS : S1 4256, S2 4185

RESISTANCES : R1 4365, R2 4415

SHORT AT RESISTANCES.

Oil Gains as Drop Deemed Excessive, OPEC May Cut Production .

Crude oil rose for the first time in five days as some

traders deemed yesterday's 6.5 percent decline

excessive and because of speculation OPEC may

announce output cuts at its December meeting

as demand slows.

Oil rebounded from an eight-month low after U.S. stocks

recovered from their worst levels yesterday on speculation

the Federal Reserve will cut interest rates.

Crude oil for November delivery jumped as much as $1.95, or

2.2 percent, to $89.76 a barrel in electronic trading, and was

at $89.57 at 12:38 p.m. Singapore time on the New York

Mercantile Exchange. Crude oil futures have declined 39

percent from the record $147.27 reached July 11.

Yesterday, crude futures fell $6.07 to settle at $87.81 a barrel

in New York. The contract touched $87.56, the lowest since

Feb. 7, as the dollar rose against the euro, while OPEC chief

Khelil said the price slide will continue next year.

New York oil prices declined 12 percent last week as reports

showed U.S. fuel demand the previous four weeks was the

lowest in almost seven years.

Brent crude oil for November settlement gained as much as

$1.42, or 1.7 percent, to $85.10 a barrel on London's ICE

Futures Europe exchange. Yesterday, the contract fell

$6.57, or 7.3 percent, to $83.68 a barrel on yesterday,

the lowest closing price since Oct. 23, 2007.

UPDATE

UPDATE AT 9 PM IST ON OCTOBER 6

Crude oil fell for a fourth day as the credit crisis deepened in

Europe, adding to concern that global economic growth will slow

and reduce demand for fuels.

Oil dipped as low as $88.89 a barrel after European leaders

pledged to bail out troubled banks and protect depositors. OPEC

President Chakib Khelil said today the price slide will continue

next year, and Saudi Aramco, the world's largest state oil company,

cut its selling prices for exports to Asia and the U.S.

Crude oil for November delivery fell $3.65, or 3.9 percent, to

$90.23 a barrel as of 10:16 a.m. on the New York Mercantile

Exchange. Earlier, it touched the lowest since Feb. 8. Futures have

fallen 38 percent from the record $147.27 reached July 11.

New York oil prices declined 12 percent last week as reports showed

U.S. fuel demand the previous four weeks was the lowest in almost

seven years and manufacturing shrank in September at the fastest

pace since the last recession in 2001. The Labor Department reported

a bigger-than-expected 159,000 drop in payrolls in September last week.

Dollar Gains

The dollar rose to the highest since August 2007 against a basket

of currencies, reducing the investment appeal of dollar- denominated

commodities. The euro fell as low as $1.353, from $1.3772 Oct. 3, after

Germany said it will guarantee personal bank deposits, in a bid to

stabilize the nation's banking system.
The Dow Jones Industrial Average fell below 10,000 today for the first time since October 2004. It was down 349.57, or 3.4 percent, to 9,975.81 at 10:16 a.m. in New York.

UPDATES ON OCT 6 2008

OCT 2 MONDAY

SHORT TERM TREND : BULLISH : TARGET RS 4930

LONG TERM TREND : BULLISH : TARGET RS 4840

S1 RS 4840 , S2 RS 4800 , S3 RS 4760

R1 RS 4880 , R2 RS 4930 , R3 RS 4970

MARKET IS EXPECTED TO MOVE HIGHER.

PREFER LONGS AT SUPPORT.

The market is increasingly focussed on demand ,

although supply concerns continue to weigh

heavily.Non OPEC supplies are weak.Oil

demand appears to be declining and the overall global

demand my be on par with other weak years in

the past.

In other words market is going to be torn between

demand weakness and supply concerns.

Demand weakness may not allow the market to

stay above $ 100 a Barrel and may pull

prices towards the $ 90 a barrel.

Crude market may range between $ 90 and $ 110

a barrel in the near future.

UPDATE SON OCT 4 2008

OCT 4 SATURDAY

Oil Is Steady Amid Concern Rescue Won't Halt Economic Slide .

Crude oil was little changed amid skepticism that a $700

billion bank-rescue plan will keep the U.S. from falling

into a recession, curbing demand.

Oil prices are down 12 percent for the week, the biggest

drop since 2004, amid higher borrowing costs and reports

showing a worsening economy. U.S. fuel demand averaged

19 million barrels a day during the past four weeks, the

lowest since October 2001, the Energy Department said

in an Oct. 1 report.

Crude oil for November delivery fell 9 cents to $93.88 a

barrel at 2:45 p.m. on the New York Mercantile Exchange,

the lowest settlement price since Sept. 16. Prices, up 17

percent from a year ago, have dropped 36 percent from

the record $147.27 a barrel reached on July 11.

U.S. payrolls fell by 159,000, more than expected in

September, after a 73,000 decline in August, the Labor

Department reported today in Washington. An Institute

for Supply Management report on Oct. 1 showed that

manufacturing shrank in September at the fastest pace

since the last recession in 2001.

Brent crude oil for November settlement declined 31

cents, or 0.3 percent, to settle at $90.25 a barrel on

London's ICE Futures Europe exchange, the lowest

since Sept. 16.

UPDATES ON OCT 3 2008

OCT 3 FRIDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 4580 , S2 RS 4530

R1 RS 4720 , R2 RS 4775

WAIT FOR CONFIRMATION.

Oil Heads for Biggest Weekly Drop Since 2004

on Slowing Demand .

Crude oil fell for a third day in New York, poised for the

biggest weekly drop since 2004, on signs the U.S. is slipping

into a recession, reducing fuel demand in the world's largest

energy user.

Oil has declined 13 percent this week as higher borrowing

costs and reports showing a worsening economy spurred

skepticism that the U.S. government's $700 billion bank-

bailout plan will stimulate growth. The number of futures

held by traders in New York dropped to the lowest in more

than two years as U.S. factory orders fell 4 percent, the

most since 2006.

Crude oil for November delivery fell as much as $1.16, or

1.2 percent, to $92.81 a barrel in after-hours electronic

trading on the New York Mercantile Exchange. It was at

$93.42 a barrel at 1:03 p.m. Singapore time.

Yesterday, futures dropped $4.56, or 4.6 percent, to

$93.97 a barrel in New York. Oil has declined 37 percent from

its record $147.27 on July 11. The weekly drop is the biggest

since Dec. 3, 2004.

Brent crude oil for November settlement declined as much as

90 cents, or 1 percent, to $89.66 a barrel on London's ICE

Futures Europe exchange. It was at $90.10 a barrel at 1:03 p.m.

Singapore time. The contract declined $4.77, or 5 percent, to

settle at $90.56 a barrel yesterday, the lowest since Sept. 16.

UPDATES ON OCT 2 2008

OCT 2 THURSDAY



Crude Oil Rises as U.S. Senate Passes Financial Rescue Package

Crude oil rose in New York as the U.S. Senate passed a $700

billion financial-rescue package aimed at limiting a slowdown

of economic growth in the world's biggest energy-consuming

nation.
The Senate approved legislation that links the rescue plan to

an increase in bank-deposit-insurance limits and $17 billion in

tax breaks for solar power, wind energy and heavy oil refineries.

The House of Representatives may take action Oct. 3.

Crude oil for November delivery rose as much as $1.84, or

1.9 percent, to $100.37 a barrel in after-hours electronic

trading on the New York Mercantile Exchange. It was at

$99.30 at 11:19 a.m. Singapore time

Prices are down 32 percent from the record $147.27 a barrel

reached on July 11. Yesterday, the contract dropped $2.11, or

2.1 percent, to settle at $98.53 a barrel after a U.S. report

showed a bigger-than-forecast supply increase and that

fuel consumption dropped to the lowest since 2001.

Inventories rose 4.28 million barrels to 294.5 million last

week, the Energy Department said. Stockpiles were

forecast to climb 2.75 million barrels, according to a

Bloomberg News survey. Imports and refinery operations

increased after storms curtailed supplies last month.

Brent crude oil for November settlement rose $1.70 cents,

or 1.8 percent, to $97.03 a barrel on London's ICE Futures

Europe exchange. It was at $96.02 a barrel at 11:22 a.m.

Singapore time. It declined $2.84, or 2.9 percent, to settle

at $95.33 a barrel yesterday.

Market news on Oct 1 20.15 PM Indian Standard Time

EIA : US Energy Dept C.oil inventory data + 4.3 Mbrls

Expected + 2.4 Mbrls.

Market Alert on Oct 1 Wednesday 18.10 Pm Indian Standard Time

Oil dips towards $ 100 as the weekly stock data is

expected to show crude up while hopes of the

US Senate approving bail out package support

prices.

UPDATE

CRUDE UPDATE AT 3PM ON OCTOBER 1

OIL RISES TO $ 102 AMID BROADER GLOBAL RALLIES, HOPES

U S SENATE WILL PASS BAILOUT PACKAGE, WEEKLY

DATA EXPECTED TO SHOW CRUDE STOCKS UP.