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Daily Oil Prices 17 Aug 2010

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WTI Oil Chart 17 Aug 2010

Another negative day for daily oil prices which ended the crude oil trading session lower once again but with a relatively narrow spread candle which suggests that the recent bearish phase may be drawing to a close.  Indeed in early oil trading this morning the WTI crude contract has been trading higher at $76.03 at time of writing, but still well below all four moving averages.  With the 9 day now crossing below the 14 day moving average and potentially about to cross both the 40 and 200 day, this is adding further weight to the bearish picture of the last 3 weeks and as a result we may even see daily oil prices re-test the low of early July at $71.11 per barrel in due course.  Despite the present negative picture the longer term outlook for crude oil still remains firmly bullish and as such we need to see a break and hold above $82.97 per barrel for the upwards momentum to be re-established in due course.

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