UPDATES ON JUNE 25 2008

JUNE 25 WEDNESDAY

SHORT TERM TREND : SIDEWAYS : TARGET RS 551 TO 564

LONG TERM TREND : BULLISH : TARGET RS 630

S1 RS 557, S2 RS 554, S3 RS 551

R1 RS 561, R2 RS 564, R3 RS 567

PRICES ARE EXPECTED TO MOVE SIDEWAYS .

Crude oil rose for a fourth day in New York after

Chevron Corp. halted part of its Nigerian output and

Goldman Sachs Group Inc. increased oil price forecasts.

U.S. motor-fuel purchases fell for a ninth straight

week as record prices crimped demand, a MasterCard

Inc. report showed yesterday. Saudi Arabia, the

world's largest oil producer, on June 22 promised to

add 200,000 barrels a day of output.

Oil may fall as the Federal Reserve might end a run of

seven interest-rate cuts. The reductions have caused

the dollar to decline, prompting investors to purchase

commodities as an inflation hedge.

U.S. gasoline demand fell 2.7 percent last week,

a sign motorists are cutting back on vacation plans

as pump prices touch records, said MasterCard.

Consumers purchased an average 9.45 million barrels

of gasoline a day in the week ended June 20, down

from 9.71 million a year earlier, MasterCard, the

second-biggest credit-card company, said in its

weekly SpendingPulse report.

The drop in demand came with prices at the pump

36 percent higher than a year earlier, according to

the report. Prices have surged amid a doubling of

crude oil, which accounts for about 73 percent of

the cost of gasoline.

Gasoline supplies likely remained unchanged at 208.9

million barrels, according to the responses. Distillate-fuel

stockpiles probably rose 2 million barrels from 116.6

million, the survey showed. It would be the seventh

-straight rise.

The Energy Department is scheduled to release its

weekly report on inventories at 10:35 a.m. in Washington.