Home » Daily Oil Prices » Daily Oil Prices – WTI Oil Price Chart 9th June 2009

Daily Oil Prices – WTI Oil Price Chart 9th June 2009

WTI Oil Price Chart - Daily Oil Prices 9th june 2009

Crude oil prices remain well supported, despite US dollar strength especially against the Euro in the light of the downgrade to Ireland’s credit rating to double AA, with a negative outlook, from double AA plus.  This is the second cut in three months and comes amid worries over the cost of bailing out the Irish banking sector.  The day’s sharp falls in equity markets also failed to dent daily oil prices which now appear to be driven in part by a bullish oil chart and an improving economic outlook as oil traders look to the future and lock in profits. In addition this Thursday’s monthly EIA report is expected to show that the long string of downward demand for oil could now be coming to an end, and tomorrow’s weekly figures may show a similar tendency.

From a technical perspective crude oil moved lower in early trading touching an intraday low of $66.79 and looked poised for a further sell off.   However, the 9 day moving average provided a good support level once again (a common feature of this current up trend) and a failure to cross below this indicator fuelled additional buying, pushing the price of crude higher to close at $68.74 giving a 69 cents gain for the day. All we are waiting for now is a break and hold above the $70 per barrel price point, and if this occurs today, we should see the rally continue in the medium term, with the $75 per barrel price level firmly in our sights, and with the current consolidation area providing solid support to the move up.

The short term and medium term are bullish, the longer term outlook is sideways.

WTI:

Support:    $66.79 (yesterday’s low)                              Resistance: $70.40 (high of 05/06/09)

Support:    $66.40 (low of 01/06/09)                              Resistance: $69.60 (high of 04/06/09)

Support:    $65.92 (low of 04/06/09)                              Resistance: $68.95 (yesterday’s high)

OIL (BRENT):

Support:    $66.88 (yesterday’s low)                              Resistance: $70.15 (high of 16/10/08)

Support:    $65.49 (low of 01/06/09)                             Resistance: $69.91 (high of 05/06/09)

Support:    $64.91 (low of 03/06/09)                              Resistance: $68.79 (yesterday’s high)