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Daily Oil Prices 5 Oct 2010

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WTI Oil 5 Oct 2010

Having broken out strongly from the recent pennant pattern daily oil prices for the WTI oil contract are now hovering just below the key $82.97 per barrel price point last seen in early August.  From a technical perspective there is no reason to suppose that this will not occur as the 9 day moving average has now broken above the 200 and with the 40 day about to turn higher as well this will add further momentum to the any breakout and develop the longer term bullish trend which we now expect.  In addition chronic dollar weakness can only assist this growing momentum and should tomorrow’s oil inventory data come in better than expected (as per last week) then this combination of factors should help to propel daily oil prices through this minor resistance level.

Tomorrow’s crude inventory projected to come in at 0.5m.