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Daily Oil Prices 25 Aug 2010

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Daily oil prices continued to slide lower yesterday with the WTI oil contract breaking sharply below the $72 per barrel price point and adding further downwards pressure to the commodity.  With this breach of the support area at $72 per barrel daily oil prices can only now look to the minor support at $71 per barrel but any break here will, almost certainly, signal a deeper and faster move towards $70 and beyond.  Yesterday’s move lower was also helped by the 9 day moving average which continues to prevent daily oil prices from rallying and with the 14 day now crossed below the 40 day, this adds a further bearish layer to an already negative analysis.  However, given the four consecutive down days we have seen on the daily oil chart we could see a small rebound in oil prices, or at least an attempt to base at the $71 per barrel price point.  Indeed in this morning’s oil trading session daily oil prices have attempted to bounce higher only for this move to be firmly snuffed out as the WTI contract struggles to trade  marginally higher at $71.52 per barrel.    From a fundamental perspective this afternoon’s crude oil inventories may, as usual, add their own particular brand of volatility with analysts forecasting a build of 0.1m barrels as opposed to last month’s -0.8m barrels.   NB Since writing this commentary oil stocks have come in at 4.1m – significantly higher than the forecast, simply reinforcing the slowdown in the US economy.
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