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Daily Oil Prices 14 Dec 2010

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Crude Oil Chart 14 Dec 2010

Despite last week’s drift sideways daily oil prices continue to remain firmly bullish with the 9 day moving average in particular providing solid support to any short term pullback.  Indeed this was a feature of Friday’s price action with the WTI crude oil contract closing the week at $87.72 while perching on the 9 day moving average.  Whilst yesterday’s price action closed higher for much of the day crude oil remained below this key short term indicator, but in this morning’s trading session oil prices have opened up higher once again at $88.74 and back above the 9 day ma.  Below, both the 14 and 40 day averages are pointing sharply higher indicating a further bullish move, and with the 200 day average now also sloping upwards this is adding further to the upwards momentum.  The platforms of price support now in place below, both in the $84 per barrel region and, more recently in the $88 per barrel area, should provide the necessary impetus for oil prices and the first target remains a break and hold above the high of Dec 7th at $90.75 per barrel.  Once clear of this price point, we can expect to see crude oil gather momentum and our medium term target remains a breach of the $100 per barrel price handle which we can expect to see achieved in the first quarter of 2011.

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