CRUDEOIL LEVEL

CRUDEOIL 18DEC2012 CLOSING 4823.Positionally Support for the Crudeoil is 4754-4752.Resistance for the Crudeoil is 4974-5012.

INTRADAY CRUDEOIL.....

SELL CRUDEOIL FUT 18DEC2012 BELOW 4900 with SL=4930 and Target=4870/4850

Crude down on profit-taking, French rating cut

Crude was down in Asia today as traders took profits and ratings agency Moody's downgraded the French government bond rating. New York's main contract, light sweet crude for delivery in January, shed 31 cents to USD 88.97 a barrel and Brent North Sea crude for January delivery fell 18 cents to USD 111.52. Crude surged more than USD 2 yesterday as violence intensified in the Israel-Gaza conflict, sparking fresh concern about supplies from the crude-rich Middle East. Israeli strikes killed 32 Palestinians yesterday, taking the Gaza death toll to 109 as UN chief Ban Ki-moon joined efforts to end the worst violence in four years. In Europe, France came under fresh pressure after Moody's became the second of the three major ratings agency to downgrade its top rating.

CRUDEOIL TREND

Currently Crudeoil is in strong uptrend and the trend is supported with good volume The open interest is not increasing with trend .Positionally Support for the Crudeoil is 4766-4716-4690.Resistance for the Crudeoil is 4989-5016.

CRUDEOIL TREND

Currently Crudeoil is moving sideways is showing BUY signal.Buy can be considered in the Crudeoil if it close above 4842 or buy with strict stop at 4575.Positionally Support for the Crudeoil is 4691-4683-4664.Resistance for the Crudeoil is 4820-5000-5014

Oil cos to pay Rs 800 for free LPG connection in Delhi

Petroleum Minister Veerappa Moily today approved raising financial contribution of oil PSUs to the free LPG connection being provided by the Delhi government to poor using kerosene as cooking fuel. Under the scheme to make Delhi kerosene-free city, oil PSUs and Delhi government foot the cost of providing the new LPG connection. The security deposit for new LPG connection was recently increased from Rs 1,400 to Rs 1,600. Following this, Delhi Chief Minister Sheila Dixit today met Moily with a request that the increased security deposit should be shared on equal basis which would re-start the process of releasing new connections to BPL/Antyodaya families under Kerosene Free Delhi Scheme of the Government of NCT of Delhi. Sources said Moily readily agreed to this and issued orders wherein oil PSUs would provide Rs 800 per connection from their CSR Budget. An equal amount will be provided by the Delhi government. This will help re-start the ambitious scheme under which 3.56 lakh households are to get LPG cylinder and a gas stove free of cost. The scheme was launched with much fanfare in August but soon came to a grinding halt following increase in security deposit for issue of new LPG connection. Oil PSUs and Delhi government were to share the security deposit in 50:50 ratio but the increase in the fee upset this arrangement as state-owned firms had no sanctions to provide more than Rs 700 per connection.

CRUDEOIL INTRADAY LEVELS

Buy is advised above 4791 with a stop at 4687 Below 4658 go for sell Intraday Resistance of CRUDEOIL are 4753/4782/4829 Intraday Support of CRUDEOIL are 4696/4668/4620

Petrol to be cheaper by Rs. 0.95/liter from midnight !!!

In a marginal relief to consumers, petrol prices have been cut by Rs 0.95 per liter with effect from midnight. Petrol prices were last revised on October 27 when they were raised by 29 paisa to Rs 68.19 per liter in Delhi following government raising the commission paid to petrol pump dealers. Petrol will be priced at Rs 67.24 from tomorrow. The government had in June 2010 deregulated petrol prices giving oil companies freedom to fix rates in line with the cost. However, prices have seldom moved in line with cost and oil companies buckled under political pressure to keep rates checked to help the government manage inflation. Last week Prime Minister Manmohan Singh had justified the recent "difficult" decision to hike prices of petroleum products and asked Congress cadres to have confidence in these measures arguing these were necessary. "We have to make all out efforts to change the conditions that affect the rapid growth of the country's economy," he said addressing a dialogue meeting of top Congress leaders.

BP agrees to record criminal penalties for US oil spill

BP Plc will pay USD 4.5 billion in penalties and plead guilty to felony misconduct in the Deepwater Horizon disaster, which caused the worst US offshore oil-spill ever. The settlement includes a USD 1.256-billion criminal fine, the largest such levy in US history, the oil company said on Thursday. US Attorney General Eric Holder called the deal a "critical step forward" but was adamant that it did not end the government's criminal investigation of the spill. The government also indicted the two highest-ranking BP supervisors aboard the Deepwater Horizon during the disaster, charging them with 23 criminal counts including manslaughter. The April 2010 explosion on the rig in the Gulf of Mexico killed 11 workers. The mile-deep (1.6 km) Macondo oil well then spewed 4.9 million barrels of oil into the Gulf over 87 days, fouling shorelines from Texas to Florida and eclipsing in severity the 1989 Exxon-Valdez spill in Alaska. The company said it would plead guilty to 11 felony counts related to the workers' deaths, a felony related to obstruction of Congress and two misdemeanors. It also faces five years' probation and the imposition of two monitors who will oversee its process safety and ethics for the next four years. Wall Street analysts said the deal will allow BP to focus again on oil production, while one US Senator from Louisiana said he hoped the settlement would not prevent his state and others from collecting civil penalties. US-listed BP shares gained about 0.3 percent on Thursday while its London-traded shares were flat. BP, which replaced its chief executive after the spill as its market value plummeted, still faces economic and environmental damage claims sought by four Gulf Coast states and other private plaintiffs. "It certainly is an encouraging step," said Pavel Molchanov, oil company analyst with Raymond James. "By eliminating the overhang of the criminal litigation, it is another step in clearing up BP's legal framework as it relates to Macondo." The disaster has dragged BP from second to a distant fourth in the ranking of top Western oil companies by value.

Oil slips to USD 85 a barrel

Oil prices fell below USD 86 a barrel Wednesday in international markets. West Texas Intermediate crude oil in New York lost 25 cents overnight to USD 85.13 a barrel. Reformulated blendstock gasoline added 1.96 cents to USD 2.6734 per gallon overnight. Home heating oil prices added 0.57 cents to USD 2.9665 per gallon. Natural gas prices rose 2.3 cents to USD 3.762 per million British thermal units.

CRUDEOIL INTRADAY LEVELS

Buy is advised above 4760 with a stop at 4634 Below 4601 go for sell with stop at 4724 Intraday Resistance of CRUDEOIL are 4704/4724/4775 Intraday Support of CRUDEOIL are 4655/4634/4606

CRUDEOIL TREND

Crudeoil is bearish for medium-long term .Currently Crudeoil is moving sideways.BUY Signal and Crudeoil is recovering from oversold level .In last 1 month volatality is very less Buy the Crudeoil 18dec2012 above 4842 or buy with strict stop at 4575.Positionally Support for the Crudeoil 15nov2012 is 4660-4657. resistance for the Crudeoil is 4738-4845.

CRUDEOIL TREND

Overall trend of the Crudeoil is bearish for medium-long term .Currently Crudeoil is in strong uptrend and the trend is supported with good volume The open interest is not increasing with trend .. The Crudeoil is now trading in oversold level. The Crudeoil is now trading in oversold level. The oscillator is showing BUY signal For short term Crudeoil is in HOLD LONG position.Positionally Support for the Crudeoil is 4656-4649-.Resistance for the Crudeoil is 4750-4871-5019-5024.

Intraday Level Of CRUDEOIL

Currently Crudeoil is in HOLD SHORT position Crudeoil is in sideways and sellers was at high so for short term better buy above 4798.4 or hold with stop at 4593.0 The next resistance will be at 4823.0 The oscillator is showing SELL signal Intraday Trend- Buy is advised only above 4798.4 with a stop at 4674.7 Below 4639.9 go for sell and put stop at 4763.4 Intraday Resistance of CRUDEOIL are 4753.9/4788.8/4846.7/4832/4866.8 Intraday Support of CRUDEOIL are 4684.1/4649.2/4591.3/4558/4524.3

Short Term and Intraday Level Of CRUDEOIL....

Trend updated for-Nov/10/2012.CMP-4719 Overall trend of the Crudeoil is bearish for medium-long term .Currently Crudeoil is in strong downtrend but volume is unsatisfactory The open interest is not increasing with trend . Noting point is selling at lower levels seems decreasing. The Crudeoil is now trading in oversold level. The Crudeoil is now trading in oversold level. The oscillator is showing BUY signal For short term Crudeoil is in HOLD LONG position.Positionally Support for the Crudeoil is 4652-4645-.Resistance for the Crudeoil is 4756-4883-5019-5030-

Re 1 a litre cut in petrol price likely soon

Petrol price may be cut by as much as Re 1 per litre over the next few days when state-owned oil firms review rates. Petrol prices were last revised on October 27 when they were raised by 29 paise to Rs 68.19 per litre in Delhi following government raising the commission paid to petrol pump dealers. "There has been some reduction in gasoline rates (against which the domestic price of petrol is benchmarked against) giving us some margins (on petrol). But they have moved up again in the last few days. "Also, rupee has appreciated against the US dollar ... we have to take a view (on prices) keeping all these factors in mind," said R S Butola, Chairman of Indian Oil Corp , the nation's largest fuel retailer. The oil companies were making a margin of close to Rs 2 per litre, but considering the impact of rise in gasoline rate and appreciation in rupee, the net available margin may be just around Re 1 per litre. "We will review (prices) in next few days ... may be at the end of the week or early next week," Butola said. The government had in June 2010 deregulated petrol prices giving oil companies freedom to fix rates in line with the cost. However, prices have seldom moved in line with cost and oil companies buckled under political pressure to keep rates checked to help the government manage inflation. Butola said IOC lost Rs 1,167 crore on selling petrol below cost during the first six months of current fiscal. And since the product is deregulated, there will be no subsidy support from the budget to cover these losses. Hindustan Petroleum Corp Director (Finance) B Mukherjee said, "We are making profit on petrol like any other free product." Refusing to divulge the margin on petrol, Mukherjee said in April-September the company had lost Rs 678 crore on selling petrol below its cost. Oil companies have abandoned the practice of revising petrol rates on 1st and 16th of every month by taking the fortnightly average of benchmark gasoline and rupee-USD rate. "We have updated our system to practically do a daily change in prices but as you know there is lot of volatility in international oil prices as well as rupee-USD forex rates," Butola said.