Home » Daily Oil Prices » Daily Oil Prices – Spot Oil Price WTI Daily Chart 26th May 2009

Daily Oil Prices – Spot Oil Price WTI Daily Chart 26th May 2009

WTI Oil Price Chart - Daily Oil Prices 26th May 2009

With both the US and UK markets closed for a national holiday daily oil prices simply consolidated in a quiet trading session dominated by thin volumes and lack of any meaningful fundamental news.  The focus for the oil market today is the OPEC meeting later this week, the continuing unrest in Nigeria and the problems with Shell.  From a technical perspective the oil prices consolidated sideways ending the day 76 cents lower at $61.22, having managed to reach an inter-day high of $62.13 and finished the day on a narrow spread down bar.  The last four days of oil trading have seen the high of each day fail to clear the $62 per barrel price point in any meaningful way suggesting that we may be seeing the formation of a temporary resistance level to any move higher at present, and indeed this morning we have seen a pullback in oil prices which are currently just above the 9 day moving average which seems to be providing support at present.  With all three moving averages still pointing higher, this may only be a temporary reversal with the oil market taking a breather, and therefore should be seen as an excellent opportunity to open longer term position trades on the prospect of the bullish move continuing in due course.

The short and medium term trends are sideways and the long term trend is bullish.

WTI:

Support:    $60.85 (yesterday’s low)                              Resistance: $62.95 (high of 11/11/08)

Support:    $60.48 (low of 22/05/09)                              Resistance: $62.25 (high of 20/05/09)

Support:    $59.89 (low of 20/05/09)                              Resistance: $62.13 (yesterday’s high)

OIL (BRENT):

Support:    $59.85 (yesterday’s low)                              Resistance: $62.38 (high of 06/11/08)

Support:    $58.83 (low of 21/05/09)                              Resistance: $61.98 (high of 10/11/08)

Support:    $57.69 (low of 19/05/09)                              Resistance: $61.16 (yesterday’s high)