UPDATES ON JULY 30 2008

JULY 30 WEDNESDAY

SHORT TERM TREND : BEARISH : TARGET RS 383

LONG TERM TREND : BULLISH : TARGET RS 530

S1 RS 387, S2 RS 383, S3 RS 380

R1 RS 393, R2 RS 396, R3 RS 400

PREFER SHORT AT AR 393.50 TO 394

STOP LOSS RS 397

TARGET RS 387

Crude Oil Trades Near 12-Week Low on Slowing Gasoline Demand .

U.S. refining profits have fallen because oil companies are

making more gasoline than drivers need, as a result of

running refineries to satisfy demand for diesel, BP

Plc's top refining executive said yesterday.

U.S. motorists drove less for a seventh consecutive month in

May, as vehicle-miles traveled on all U.S. roads fell 3.7 percent

during the month from a year earlier, the Federal Highway

Administration said in a report July 28. The seven-month

slide is the longest downward streak since 1979.

Demand for oil and petroleum products dropped 4.3 percent

in May from a year earlier to 19.7 million barrels a day,

according to Energy Department data released July 28.

That's 889,000 barrels a day less for the first five

months of the year, compared with the same period

a year earlier.

Gasoline futures for August delivery fell 1.17 cents, or

0.4 percent, to $2.9960 a gallon in New York.

Regular gasoline at the pump, averaged nationwide,

fell 1.7 cents to $3.941 a gallon, AAA, the nation's

biggest motoring group, said yesterday on its

Web site.

OPEC President Chakib Khelil said yesterday in Jakarta

should the dollar strengthen and political tensions in the

Middle East ease, then the long-term oil price will be

about $70 to $80 a barrel.

The Organization of Petroleum Exporting Countries produces

about 40 percent of world oil supplies.

Oil prices have dropped more than $25 a barrel, or 17

percent, from the July 11 record.