Home » Daily Oil Prices » Daily Crude Oil Prices 1 Nov 2010

Daily Crude Oil Prices 1 Nov 2010

daily oil prices

WTI Price 1 Nov 2010

Last Friday’s candle on the WTI oil chart hinted at a possible rise in daily crude oil prices with the candle exhibiting bullish intent, despite closing marginally below both the 9 and 14 day moving averages.  This was duly delivered in today’s oil trading session which saw oil prices touch a high of $83.86 per barrel on the back of better than expected Chinese manufacturing data, before falling back to trade at $82.89 per barrel at time of writing.  However, before we get too excited these two candles are simply a continuation of the current sideways price action for oil prices which has been a characteristic of the the WTI contract since the breakout of 3 weeks ago.  The key level still remains the $84.43 price level which needs to be breached before the longer term upwards trend can resume.  From a fundamental perspective markets are, of course, now waiting for Wednesday’s FED interest rate decision and statement which should  give details of the next phase of the quantitative easing programme.  Market reaction to the announcement will be measured in the US dollar with a consequent response by commodities.  In other words, should the dollar weaken further then expect to see commodities move higher.

Market reigning in expectations surrounding QE2