Crude oil fell in the Asian electronic session today as the Asian shares fell with tourism and airline stocks hit as an outbreak of a new strain of swine flu in the U.S. and Mexico injected some caution into markets, but pharmaceutical and healthcare-related stocks getting a boost.

Japan’s Nikkei 225 was still up 0.8% with Australia’s S&P/ASX 200 up 0.3%, but South Korea’s Kospi Composite was down 1.1%, Hong Kong’s Hang Seng Index off 2.0%, Singapore’s Straits Times Index down 1.9% and Taiwan’s main index off 2.2%. Dow Jones Industrial Average futures were down 123 points in screen trade, with S&P 500 futures shown down 1.7%.

Front-month Nymex crude oil futures were down $1.271 on Globex at $50.28 a barrel. OPEC isn’t heading for a further cut in its output quota when it meets next month, Kuwait’s oil minister said Sunday, echoing colleagues who said the group should not take a decision that may have an impact on prices given the prolonged economic slowdown.

In other related news, India’s crude oil imports and local sales of refined products expanded at the slowest pace in three years in 2008/09, as declining growth in Asia’s third-largest economy pared demand, government data showed. India imported 18.29 million tonnes of oil products in 2008/09, a decline of 19.2 percent on year, as private refiner Essar Oil supplied products to state-firms. Imports in March fell 36.6 percent from the same month a year earlier to 1.18 million tonnes. India exported 10.7 percent less oil products in 2008/09 than year ago on weak global oil demand and refining margins. In March exports declined 7.7 percent to 3.14 million tonnes than a year earlier.

MCX Crude oil futures plummeted by nearly 2% or down Rs 44 per barrel at Rs 2519. It should find a support around 2490 levels.

Popularity: 37% [?]

Gold Levels

Supports   14310  14200   14100   13995

Resistance 14410  14480   14560   14650

Silver  Levels

Supports   20095   19815   19765   19500

Resistance 20395   20570   20745   20945

Crude  Levels

Supports   2430    2400    2355    2320

Resistance 2485    2520    2570    2620

Popularity: 28% [?]

Nymex Crude Oil June

47.90   47.05    46.20     45.10

49.10    50.30    51.15     52.40

Popularity: 29% [?]

Russia’s oil output (including gas condensate) declined 1.3%, year-on-year, in January-March 2009 to 120 million metric tons (880 million barrels), the country’s top statistics body said on Wednesday.

At the same time, oil output in March increased 0.5%, year-on-year, and 11.2%, month on month, the State Statistics Service (Rosstat) said. Primary oil refining declined 1.1%, year-on-year, in January-March 2009 to 58 million metric tons (425 million barrels), Rosstat said.

Production of vehicle gasoline grew 0.5% to 9.1 million metric tons (66.7 million barrels), with diesel fuel declining 3.5% to 16.9 million metric tons (124 million barrels) and heating oil dropping 4.6% to 16.4 million metric tons (120 million barrels) in the reporting period, Rosstat said. Russia’s Economic Development Ministry expects oil output in Russia to drop 1.1% to 482 million metric tons (3.5 billion barrels) and oil exports to fall 2.5% to 237 million metric tons (1.7 billion barrels) in 2009.

Russia’s oil output declined 0.7%, year-on-year, in 2008 to 488 million metric tons (3.6 billion barrels).

Popularity: 35% [?]

Rupee recent price action seems down. As long as prices are trading Detail below the 50.10, trend is expected to remain down with immediate target in focus is 49.50. For intraday a drop below the 49.81 would be negative and would attract sell off to test next supports at 49.74/49.62 and 49.50. Although shorts must be cautious about the drop below the 50.10 which would attract buying to test next resistances at 50.23 and 50.40. Shorts must place their stops at or near 50.10. Expect price’s to trade sideways/down with focus being on the breach above the 50.10 or below 49.81.

Popularity: 42% [?]