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Daily Oil Prices 12 Oct 2010

daily crude oil prices

Daily crude oil prices for the WTI contract ended yesterday’s oil trading session as a relatively narrow spread down candle following an initial gapped up opening which saw the commodity touch an intra day high of $83.49 before closing the session lower at $81.95 per barrel, but still holding above all four moving averages.  Today’s trading session has been characterised by indecisive price action which has seen the commodity oscillate between $82.35 per barrel to the upside and $80.89 to the downside as the WTI trades at time of writing at $81.76 per barrel and perched on the 9 day moving average.  The release of the FOMC minutes this evening provided a boost across the board for commodities and as such we are now waiting for the current sideways price action to break out of the recent range and the key price level in the short term remains the high of April 2010 at $87.14 per barrel.  The outlook for crude oil remains firmly bullish and with the deep price congestion now well below and an established break out having been concluded the longer term upwards seems well entrenched and the final element for the technical picture will be the crossing of the 40 day moving average above the 200 day which will complete the picture.

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