JAN 21 WEDNESDAY
SHORT TERM TREND : BULLISH
LONG TERM TREND : BEARISH
S1 RS 1995 , S2 RS 1962 , S3 RS 1910
R1 RS 2075 , R2 RS 2110 , R3 RS 2160
STAY LONG AT SUPPORT .
Crude oil rose in New York as traders bought contracts to
close out bets that prices would decline amid the global
economic recession.
Crude oil for March delivery rose as much as 66 cents, or
1.6 percent, to $41.50 a barrel in electronic trading on
the New York Mercantile Exchange. It was at $41.16 a barrel
at 12:06 p.m. Singapore time. Futures are down 54 percent
from a year ago. Prices dropped 4.1 percent to $40.84 a
barrel yesterday.
U.S. crude inventories probably rose 1.5 million barrels last
week, according to the median of analyst estimates in a
Bloomberg News survey. The Energy Department is scheduled
to release its weekly inventory report on Jan. 22, a day
later than usual because of the Jan. 19 Martin Luther
King Jr. holiday.
Brent crude oil for March settlement was at $43.79 a barrel,
up 17 cents, on London’s ICE Futures Europe exchange at
12:14 p.m. Singapore time. It declined 88 cents, or 2
percent, to end the session at $43.62 a barrel yesterday.
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