Home » Daily Oil Prices » Daily Oil Prices – WTI Oil Price Chart 7th May 2009

Daily Oil Prices – WTI Oil Price Chart 7th May 2009

Daily Oil Price Chart - WTI Oil Prices 7th May 2009

Yesterday crude oil prices moved sharply higher supported by soaring equity markets and a bullish EIA report which showed that there had been a dramatic decline in the oil inventory stockpiles, with the figure coming in at +600k barrels as opposed to a forecast of 2.0m barrels.   In addition investors are increasingly looking to the commodity markets to provide better returns as optimism grows that the global economy may be starting to recover.   Yesterday’s price action saw daily oil prices set a new high for 2009 with the oil price touching $56.64, a price point not seen since November 17th 2008.   Crude ended the day gaining $2.23 in a $3.05 range and is now looking to the next upside target $62.40 where crude oil prices will start to meet significant resistance once again. From a technical perspective all three moving averages are now pointing to a move higher adding weight to yesterday’s wide spread up bar which broke out from the final level of resistance in this price band, and we now look towards the psychologically important $60 per barrel and above.

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

WTI:

Support:    $53.59 (yesterday’s low)                              Resistance: $59.65 (high of 13/11/08)

Support:    $52.77 (9 day moving average)                         Resistance: $58.85 (high of 14/11/08)

Support:    $52.56 (low of 04/05/09)                              Resistance: $56.64 (yesterday’s high)

OIL (BRENT):

Support:    $53.86 (yesterday’s low)                              Resistance: $58.59 (high of 11/11/08)

Support:    $53.64 (low of 05/05/09)                              Resistance: $56.80 (high of 14/11/08)

Support:    $52.36 (low of 04/05/09)                              Resistance: $56.30 (yesterday’s high)

DOE Stock Figures (change in millions of barrels)

Crude +0.6 (+2.0)      Distillates +2.4 (+1.0)    Gasoline -0.2 (+0.5)