JAN 19 MONDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2030 , S2 RS 1985 , S3 RS 1930
R1 RS 2110 , R2 RS 2160 , R3 RS 2215
STAY SHORT AT RESISTENCE.
Crude oil fell in New York on forecasts faltering global
economic growth will drive down fuel demand for a second year.
Crude oil for February delivery fell as much as 60 cents, or
1.6 percent, to $35.91 a barrel in after-hours electronic
trading on the New York Mercantile Exchange, and traded at
$36.20 at 12:53 p.m. in Singapore.
Crude futures have fallen 19 percent this year, after
tumbling 54 percent in 2008.
Brent crude oil for March settlement fell as much as 62 cents,
or 1.3 percent, to $45.95 a barrel. The contract dropped 2.3
percent on London’s ICE Futures Europe exchange on Jan. 16.
Saudi Arabia, the group’s biggest producer, last week said it
will reduce output further in February.
The IEA’s latest forecast assumes global economic growth of
1.2 percent in 2009, half its previous estimate.
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