UPDATES ON JUNE 18 2008

JUNE 18 WEDNESDAY

SHORT TERM TREND : SIDEWAYS ; TARGET RS 546 TO 561

LONG TERM TREND : BULLISH ; TARGET RS 630

S1 RS 548, S2 RS 546, S3 RS 543

R1 RS 553, R2 RS 556, R3 RS 560

PRICES ARE EXPECTED TO MOVE SIDEWAYS

Crude oil fell for a fourth day in New York in the

longest losing streak this year as data showed

gasoline use in the U.S., the world's largest

consumer, is declining as record prices

curb demand.

Consumers purchased an average 9.305 million

barrels a day of motor fuels, 3.2 percent less than

a year earlier, MasterCard Inc. said in its weekly

SpendingPulse report. It was the eighth week of

decline. Gasoline demand was down 1.7 percent

from last year, the U.S. Department of Energy

reported on June 11.

The average U.S. pump price for regular gasoline

fell 0.2 cent to $4.078 a gallon after touching a record

on June 16, AAA, the country's largest motoring club

, said yesterday.

Gasoline supplies rose 850,000 barrels from 210.1 million

barrels in the prior week, the survey showed. Inventories

of distillate fuel, a category that includes heating oil and diesel,

climbed 1.8 million barrels.

Saudi Arabia, the world's biggest oil exporter,

has called a meeting of producers, major industria

l nations and banks for June 22 in the country's Red

Sea port of Jeddah to discuss plans to stabilize prices.