Home » Daily Oil Prices » Spot Oil Prices – Daily Oil Chart WTI 28th May 2009

Spot Oil Prices – Daily Oil Chart WTI 28th May 2009

Spot Oil Prices - Daily Oil Price Chart 28th May 2009

In spite of nervous equity markets and a stronger dollar crude oil prices managed to stay bullish for most of yesterday as traders looked to technical factors on the oil chart to bounce daily oil prices to another fresh high of $63.81.  However, a bout of mild profit taking did push the oil price back down and it finished the day 30 cents higher, settling at $63.00.   Focus for the oil market today is the OPEC meeting in Vienna and the holiday delayed EIA stats, either of which could spring a minor surprise.  In addition we can also expect thinner than usual trading volumes as China, Hong Kong and Taiwan are closed for a national holiday – dragon boat racing holiday which sounds great fun – and my trading suggestion for today is to wait and step aside from the market.   From a technical perspective with all three moving averages still pointing higher there is no reason at present, to suppose that the bullish momentum we have seen on the oil chart for the last few days will not continue.

The short and medium term trends are bullish and the long term trend is bullish.

WTI:

Support:    $62.20 (yesterday’s low)                              Resistance: $65.57 (high of 10/11/08)

Support:    $61.03 (9 day moving average)                         Resistance: $65.48 (high of 06/11/08)

Support:    $60.85 (low of 25/05/09)                              Resistance: $63.81 (yesterday’s high)

OIL (BRENT):

Support:    $60.99 (yesterday’s low)                              Resistance: $66.00 (high of 05/11/08)

Support:    $59.85 (low of 25/05/09)                              Resistance: $63.59 (high of 27/10/08)

Support:    $58.83 (low of 21/05/09)                              Resistance: $62.75 (yesterday’s high)

DOE Stock estimates (change in millions of barrels

Crude -0.9      Distillates +1.2    Gasoline -2.0