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Daily Oil Price Analysis 4 March 2010

Crude Oil Chart 4 March 2010

Oil prices finally found some bullish traction yesterday ending the oil trading session as a relatively wide spread up candle which closed marginally above the temporary pause point at $80.80 per barrel.  The low of the day was well supported by the 9 day moving average and with all four moving averages now firmly below the current price we should expect to see crude oil break free from the current consolidation region and use the platform of support as a springboard to attack the $82.75 barrel price handle.  Should this be achieved in the short term as expected then longer term we can expect to see crude oil push on towards $85 per barrel and beyond.  From a fundamental perspective yesterday’s crude oil data confirmed a 4.1m barrel build in crude oil stocks, a 700k barrel build in gasoline & a fall in distillates of 900k and, as usual, completely at odds with analyst forecasts!  Overall the WTI contract closed at : $81.01 having traded between a high of $81.23 and low of $79.44.  Brent closed at $79.50 having traded between a high of $79.58 and low of $77.88.

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