Published on Tue, 29/09/09 | Daily Oil Prices

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<< Oil Prices - WTI Oil Price 28th September 2009  Oil Prices - Daily Crude Oil Prices 30th September 2009 >>

As suggested in my oil commentary on Friday, the bounce in crude oil prices duly arrived yesterday, with oil prices closing the session higher following the doji reversal signal of Friday, but remainging firmly below all three moving averages and more importantly the strong resistance now immediately above. Following the breakout from this price region last week, any reversal higher will require sustained effort and momentum, which seems to be lacking in the oil market at present, and the most likely short term move will be lower, once the short squeeze seen yesterday has run its course and fizzled out below the resistance level above. With all three moving averages now starting to turn lower, and with the breakout now complete, the longer term trend for oil prices seems to be downwards, unless we see some significant fundamental news which can provide the necessary momentum to force a path through the price congestion above.  Tomorrow’s weekly oil stats & Friday’s NFP data may give us some clues as to the short to medium term direction for daily oil prices.  Overall the WTI oil price closed the session at $66.84 having opened at $66.15 and reached a high of $67.54 & low of $65.41. Oil futures contracts traded: 212k+.  Brent closed its session at $65.54 having opened at $65.66 and reached a high of $66.29 & low of $64.49. Brent oil futures traded: 95k+.

The short term outlook for oil prices is bearish, the medium term is sideways and the long term is bullish.

Trading oil futures is difficult at the best of times which is why it is so important to use an oil broker who can offer the widest possible oil market experience, tight spreads and low margins.  In addition the best oil brokers will also offer an outstanding trading platform such as the metatrader4, one of the most respected and trusted retail platforms.  For more information and to download an online oil trading account click any of the highlighted links.    Good luck and good trading.

Support: 64.87 Resistance: 67.53

Support: 62.89 Resistance: 63.98

Support: 59.87 Resistance: 62.34

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