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Daily Oil Prices 10 Aug 2010

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WTI Oil Chart 10 Aug 2010

Yesterday’s inside day candle hinted at a possible reversal in daily oil prices which today ended as a wide spread down bar albeit with a long shadow to the base of the candle which managed to push the WTI contract back to the $80 per barrel price point.  However, with today’s candle breaking through both the 9 and 14 day moving averages daily oil prices are delicately poised as we wait to see whether the 40 day average can offer some assistance by crossing above the 200 day.  From a fundamental perspective it is this week’s economic data from China which may determine the longer term trend for crude oil prices as the outlook for the US is still, at best, uncertain as has been confirmed in this evening’s FOMC meeting.  Chinese data due for release tomorrow includes y/y CPI, retail sales and industrial production, while in the US the crude oil inventory figures may also affect oil trading during the afternoon session.

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