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Oil Prices – Oil Price Chart Today

crude oil prices

Oil Price Chart 18 Nov 2010

Oil prices have recovered their poise somewhat today following the sharp sell off over the last six days which has seen crude oil fall from a high of $88.62 last week to a low of $80.64 per barrel in yesterday’s oil trading session.  Following the intervention to support the Irish economy, markets have recovered as investors move back into riskier assets now that their fears have been allayed.  From a technical perspective crude oil breached the 40 day moving average yesterday but appears to be recovering and any hold above this key technical indicator should signal the start of a recovery and bounce higher in due course.  The deep platform of support for oil prices in the $80 to $82 per barrel region should also help to stabilise the recent sell off and provided we see a move back above the 9 and 14 day moving averages, currently at $84.88 and $85.01 respectively, then oil prices should pick up their bullish momentum once again, breaking above the high of last week and moving towards the $100 per barrel in the medium term.