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Daily Oil Prices 12 Aug 2010

daily oil prices

WTI Oil Chart 12 Aug 2010

A combination of Tuesday’s FOMC meeting, falling equity markets, IEA warnings of a fall in a demand for oil and a stronger dollar have all conspired to drive the WTI oil contract back towards the $75 per barrel price point.  From a technical perspective yesterday’s wide spread down on the daily chart took daily oil prices to the 40 day moving average which was subsequently broken during today’s oil trading session.  Although the WTI contract is now trading below all four moving averages the extent of the present reversal may be contained within the recent sideways price congestion with the first port of call the $75 per barrel price handle. The weekly chart is now of particular interest as the 14 week moving average is sitting at this price point and should this fail to hold in tomorrow’s oil trading session then daily oil prices will be looking to re-test the $70 per barrel price sooner rather than later.

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