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Daily Oil Prices 9 Aug 2010

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WTI Oil Chart 9 Aug 2010

Friday’s price action in the wti oil contract ended with a wide spread down with wicks to both the top and bottom of the candle and brought to a temporary halt the recent breakout in daily oil prices and only the 9 day moving average preventing the price from falling any further.  Today’s action has seen further weakness in the complex and again at time of writing it has been the 9 day moving average which has kept daily oil prices above the $80 per barrel price point.  From a fundamental perspective this week’s economic releases which include some key numbers from China as well as an interest rate decision and statement from the US tomorrow are expected to lead some volatile and tricky trading.  For oil traders the Chinese data which includes the CPI figure and trade balance figures should help to establish the extent of the economic recovery in China and an indication of future oil consumption.  Meanwhile in the US, tomorrow’s interest rate decision and FED statement comes at a time when the US economy is threatening to tip back into recession and will impact the US dollar.  Until the FED statement and release of the Chinese data expect daily oil prices for the WTI contract to trade within a very narrow range and kept afloat by the 9 day moving average.

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