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Daily oil prices – WTI August contract

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Daily oil prices today have traded in a tight trading range throughout the session with the August WTI futures contract only marginally higher at the time of writing at $84.44 per barrel, having opened the session at $84.14.

Since breaking below the psychological $100 per barrel level, oil prices have continued to move steadily lower, confirming the bearish picture on the 6 hour chart, the daily chart and the weekly chart. Indeed both the daily and the weekly charts gave us strong entry signals with our magenta roadkill signals supported with bearish volume in both timeframes, and coupled with our red heatmap, all pointing to a strongly bearish picture in the short to medium term for oil. Despite yesterday’s minor rally, and the associated buying volume in green the outlook remains bearish, and in the next few weeks we could even see a test of the lows of mid 2011, where we saw oil touch $74.88 per barrel. As you can see in the weekly chart we have two pivot points in the $77 to $78 dollars per barrel area and these are key support levels. A breach here should open the way to a deeper move in due course.

This view is further confirmed by the rising volume on the daily chart, which is giving us yet another signal that the oil market is set to fall further. The only question now of course is at what point OPEC and its associated members will decide to step in and control supply. After all, we are now well below the Saudia Arabia benchmark minimum of $90 per barrel, so do not be surprised if supply is controlled in due course, in order to drive the price back above this price point once again.