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Daily Oil Prices 10 Nov 2010

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WTI Oil Chart 10 Nov 2010

A day of consolidation in yesterday’s oil trading session for the WTI contract, which saw the commodity trade in a narrow range between $87.63 to the upside and $85.48 to the downside before ending as a doji candle at $86.38 per barrel.  Despite the price consolidation of the past few days the bullish momentum for crude oil remains firmly in place and this has been reflected in today’s oil trading session with daily oil prices climbing higher once again to trade at $87.67 per barrel at time of writing.  In addition crude oil has benefitted from today’s crude oil inventory stats which saw a draw of -3.3m against a forecast of a 1.1m build which surprised the markets and helped to inject further impetus to the upwards rally.  Both the 9 and 14 day moving averages continue to provide excellent support to the current price action and with the 200 day now beginning to turn higher as well, and join the 40 day which is pointing firmly upwards, the longer term outlook for crude oil remains positive and our current forecast therefore remains unchanged, namely a breach of the $100 per barrel price handle in the next three months.  The longer term charts also confirm this analysis and the only blot on the landscape is some deep price congestion which now awaits between $89.31 and $95.65 and any clearance of the latter should then open the way to a three figure price for oil once again.

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