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Daily Oil Prices 5 Aug 2010

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WTI Oil Chart 5 Aug 2010

Daily oil prices have been taking a breather over the past 2 oil trading session as the markets move deeper into the summer doldrums and contemplate tomorrow’s non farm payroll release.  Today’s oil trading session was characterised by thin trading volumes and a narrow trading range as the WTI oil price oscillated between $82.47 to the upside and $81.56 to the downside, mirroring the price action of Wednesday.  The short to medium term outlook for crude oil and the WTI futures contract in particular, still remains firmly bullish with all three short term moving averages pointing sharply higher as we wait for the 200 day moving average to follow suit.  The congestion area between $87.13 and $82.51 remains key and only a break through this region will signal a sustained and well developed up trend for the longer term.

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