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Daily Oil Prices 1 Sep 2010

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WTI Weekly Spot Oil Chart 1 Sep 2010

The weekly chart for daily oil prices and the WTI crude oil contract in particular, provides an interesting perspective on the current state of the oil market.  The relentless sideways consolidation for crude oil appears to show no sign of reaching a conclusion continued last week with the weekly chart ending as a hammer candle with a deep lower wick which tested the $70 per barrel price point once again.  As such this suggests that we may see a recovery in crude oil prices in the medium term once again with the possibility of a push higher to the upper level of the trading channel as a result.  This is by no means certain but in oil trading so far this week we have seen a similar pattern developing which again suggests a modicum of bullish intent is still evident in the oil market.  As we have outlined in many previous market commentaries only a break above $87.14 will signal the end of this soggy, sideways price action and in the longer term once this occurs we can expect to see crude oil move back towards the $100 per barrel price handle once again.  In the short term any break above the entangled moving averages can be taken as a positive sign for crude oil prices, whilst to the downside any test of $69.12 or lower may herald the start of the breakdown of this sideways price consolidation.

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