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Crude Oil ‘Set to Rise………Target Rs 3698 per bbl’ as Asian market

strengthening. Date: June11, 2010

China’s crude oil demand has expanded at a double digit rate in May for the ninth
month in row China’s crude processing gained 15 percent to 35.8 million metric tons in
May, or about 8.5 million barrels a day, compared with a year earlier, according to data
released today by China Mainland Marketing Research Co.

Yesterday India’s IIP data showed 17.35% rise beating all estimates which indicates that
asian economies has not much more affected by European crisis. Australial
employment market showing good recovery which is further supporting crude
prices.Overall Asian markets doing well amid of negative sentments in western markets
and we hope to uphold current rally.

We expect crude oil may touch the Rs 3700 levels within one week and in
terms of Dollar it may go up to $80/ barrel.

Daily chart on MCX shows target of Rs 3698 at the 76% retracement and MACD line
heading towards the zero line which indicates the bullishness.