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Daily Oil Prices 9 Nov 2010

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Following the breakout for the WTI crude oil contract from its recent pennant formation, daily oil prices have continued to move higher in this morning’s early oil trading session with daily crude oil prices at time of writing $87.30 per barrel, as we now look towards an extended bull run for the commodity towards the end of the year.  The technical picture at present is both positive and extremely strong as we now have a deep platform of price support immediately below and little in the way of resistance ahead and, as such, these factors should combine to produce a sustained run for oil prices.  Both the 9 and 14 day moving averages are pointing sharply higher and with the 40 day average having firmly crossed the 200 day average, this is all adding to the bullish mix.  In addition, the 200 day average is beginning to slant upwards adding a further layer of positive sentiment to the longer term outlook.  In terms of daily oil prices we can expect to see a re-test of the $95.26 high of early 2007 in due course and provided this is breached then expect to see daily oil prices reach the $100 per barrel price point and beyond in a re-run of the trend of early to mid 2008.

Overall the WTI contract closed yesterday at $86.66 per barrel.