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Daily Oil Prices 1 Dec 2010

crude oil prices

Oil Prices (WTI) 1 Dec 2010

A volatile week for crude oil trading so far with Monday’s strong breakout promptly reversing yesterday as crude oil prices pulled back as a wide spread down candle which found solid support from the 14 day moving average.  Indeed this volatile price action has continued once again in today’s crude oil trading session with the commodity bouncing back on the strength of better news for the euro.  Despite this short term volatility the longer term picture for oil remains firmly bullish and indeed the 9 day moving average is now crossing above both the 14 and 40 day adding further weight to this analysis and given today’s bullish momentum we should expect to see this carry through for the remainder of the week and a run towards the $80 per barrel price point will not be unexpected.  The key platform of support has now been created at $84 per barrel and this should provide a solid springboard for this longer term rally.