TopNews

Crude oil fell after a government report showed a bigger-than-forecast increase in U.S. supplies and the dollar surged to a 10-month high against the euro. Stockpiles rose 7.25 million barrels to 351.3 million last week, the Energy Department said. Imports of crude oil gained 12 percent to 9.4 million barrels a day last week, the highest level since September and the biggest change since August, the report showed. Now support for the crude is seen at 3662 and below could see a test of 3632. Resistance is now likely to be seen at 3720, a move above could see prices testing 3748.

Trading Ideas:

Crude trading range is 3632-3748.

Rajasthan Royals led by skipper Shane Warne has defeated Kings XI Punjab by 31 runs in the Indian Premier League (IPL-3) at the PCA Stadium in Mohali on Wednesday.

Punjab skipper Kumar Sangakarra won the toss and elected to field first. Rajasthan scored 183 runs for loss of five wickets in their allotted 20 overs. F Fazal and A Voges contributed 45 runs each for Rajasthan.

S  Sreesanth, S Srivastava and P Chawla took one wicket each for Punjab.

Silver settled sharply lower when a downgrade of Portugal's debt prompted concerns that European debt problems are spreading beyond Greece. Silver opened at 26563 in New York. Softer equity markets and a stronger USD inspired selling as the day began and it slumped to an intraday low of 26194. Light buying carried the metal of its lows. It ticked sideways for the remainder of the session before unwinding at 26230. Now support for the silver is seen at 26089 and below could see a test of 25949. Resistance is now likely to be seen at 26475, a move above could see prices testing 26721.

Trading Ideas:

Silver trading range is 25949-26721.

Gold closed sharply weaker in response to the euro collapsing to its lowest level against the U.S.

Siemens Ltd is a subsidiary of Siemens AG Germany.

Authorities have informed that a rabbi was arrested outside his Chandler, Ariz., synagogue on suspicion of raping a 7-year-old girl in New York 10 years ago.

The East Valley Tribune has reported that Rabbi Bryan Bramly, 45, was being held in Maricopa County Jail on a charge of first-degree rape, awaiting extradition to New York. The newspaper further said that U. S. Marshals and detectives from the New York Police Department arrested Bramly on Tuesday.

He is suspected of raping the girl in March 2000.