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Daily Oil Prices 2 Sep 2010

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Daily oil prices extended their recent upwards momentum in today’s oil trading session with the WTI contract hitting the $75 per barrel price handle.  Having rallied yesterday by almost $2 per barrel the closing price still failed to breach the 14 day moving average which was, however, achieved in today’s trading session and, in addition, appears to be providing solid support to the upwards move.  The technical recovery in daily oil prices was also helped by a further oil platform explosion in the Gulf of Mexico and if the La Nina weather phenomenon is confirmed this too is seen as beneficial for oil prices given its strong correlation to an increase in hurricanes.  The longer term technical picture remains one of sideways of consolidation between $71 per barrel to the downside and $83 per barrel to the upside and these last two days of gains may simply be an interim reversal as daily oil prices move higher within this trending channel.  This will only be confirmed if we see a break and hold above the 40 and 200 day moving averages to the upside with the higher of these now sitting at the $77.50 per barrel handle.

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