Daily Oil Price | Daily Oil Prices

Archive for daily oil price

Daily Oil Prices 1 Dec 2010

By admin · Comments (0)

Wednesday, December 1st, 2010

Oil Prices (WTI) 1 Dec 2010

A volatile week for crude oil trading so far with Monday’s strong breakout promptly reversing yesterday as crude oil prices pulled back as a wide spread down candle which found solid support from the 14 day moving average. Indeed this volatile price action has continued once again in today’s crude oil trading session with the commodity bouncing back on the strength of better news for the euro. Despite this short term volatility the longer term picture for oil remains firmly bullish and indeed the 9 day moving average is now crossing above both the 14 and 40 day adding further weight to this analysis and given today’s bullish momentum we should expect to see this carry through for the remainder of the week and a run towards the $80 per barrel price point will not be unexpected. The key platform of support has now been created at $84 per barrel and this should provide a solid springboard for this longer term rally.

Daily oil prices – 16th November 2010

By admin · Comments (0)

Tuesday, November 16th, 2010

WTI crude oil daily chart - 16th November 2010

Friday’s sharp sell off for crude oil on fears of rising inflation in China and a consequent interest rate rise, were duly quelled over the weekend as the Peoples Bank of China decided not to raise rates which had triggered the falls as rumours swept across the commodities markets following strong Chinese fundamental data. Whilst inflation continues to remain a problem for the Chinese, these worries are likely to continue, and were seen once again yesterday, as the WTI crude oil contract closed marginally lower, ending with a narrow spread down candle with a shadow to the upper body, clearly indicating short term bearish sentiment, with oil closing at $84.52 per barrel. Whilst Friday’s close managed to find support from the 14 day moving average, this was not the case yesterday, with a close and hold below the 14 day moving average adding further to the bearish picture at present.

However, the longer term outlook for oil remains firmly bullish, and provided the strong platform of price support in the $84 per barrel area remains unbroken, then this should provide the springboard for a recovery and retest of the high of last week at $88.62 per barrel. The longer term moving averages continue to point to remain bullish, and once we see a break and hold above last week’s high, then we can expect to see daily oil prices pick up momentum once again, and move towards our medium term target of $100 per barrel and beyond in due course.

Categories : Daily Oil Prices

Tags : crude oil, crude oil price, crude oil price today, daily oil price, Daily Oil Prices, oil price chart, oil price per barrel, oil prices

Daily Oil Prices 10 Nov 2010

By admin · Comments (0)

Wednesday, November 10th, 2010

WTI Oil Chart 10 Nov 2010

A day of consolidation in yesterday’s oil trading session for the WTI contract, which saw the commodity trade in a narrow range between $87.63 to the upside and $85.48 to the downside before ending as a doji candle at $86.38 per barrel. Despite the price consolidation of the past few days the bullish momentum for crude oil remains firmly in place and this has been reflected in today’s oil trading session with daily oil prices climbing higher once again to trade at $87.67 per barrel at time of writing. In addition crude oil has benefitted from today’s crude oil inventory stats which saw a draw of -3.3m against a forecast of a 1.1m build which surprised the markets and helped to inject further impetus to the upwards rally. Both the 9 and 14 day moving averages continue to provide excellent support to the current price action and with the 200 day now beginning to turn higher as well, and join the 40 day which is pointing firmly upwards, the longer term outlook for crude oil remains positive and our current forecast therefore remains unchanged, namely a breach of the $100 per barrel price handle in the next three months. The longer term charts also confirm this analysis and the only blot on the landscape is some deep price congestion which now awaits between $89.31 and $95.65 and any clearance of the latter should then open the way to a three figure price for oil once again.

Chinese drop in key industrial commodities

Daily Crude Oil Prices 22 Oct 2010

By admin · Comments (0)

Friday, October 22nd, 2010

Oil Prices - WTI 22 Oct 2010

Daily crude oil prices on the WTI oil chart moved lower in the oil trading session yesterday, ending as a relatively wide spread down candle which broke below both the 9 and 14 day moving averages once again as we continue choppy trading in a narrow range this week as the commodity consolidates between $80 per barrel to the downside and $84 per barrel to the upside. The trading pattern that we are seeing for daily crude oil prices at the moment is similar to that of late August and September where the commodity consolidated before breaking out to the upside and this looks as though it is pattern which is likely to be repeated once again. The reason for this is that below, we have a strong platform of support and coupled with the 40 day moving average which has now crossed above the 200 day, this is giving us a bullish signal on the daily chart, and provided we see a break and hold above the shorter term averages, coupled with a hold above the $82.97 per barrel then this will give us a clear signal of bullish intent. From there any move above $84.43 will then provide the requisite platform of support and a springboard for the longer term. Once clear of this area expect daily oil prices to gather pace and begin to move towards our medium term target of $87.14 per barrel and thereafter through, and on towards, $100 per barrel.

Daily Oil Prices 20 Oct 2010

By admin · Comments (0)

Wednesday, October 20th, 2010

WTI Oil Chart 20 Oct 2010

Crude oil prices, like many other asset groups in the commodity sector, suffered a sharp sell off yesterday following the news that China had decided to increase its interest rates by 0.25% which took the market by surprise, sending the dollar higher as a result. Under normal circumstances a rate rise from China, whilst interesting, would hardly have this impact on the market and the only reason is that it came as a surprise and not as a scheduled announcement. As such we can expect yesterday’s sharp move lower to be reversed in due course as traders and investors take this as an opportunity to buy back into these markets at lower prices, and indeed, this is already happening across the commodity sector this morning with both gold and silver (along with oil) trading higher. From a technical perspective we now need to see a break and hold above the 9 day moving average at $82.08 per barrel and once above here a close and hold above $84.43 before we move to re-test the high of May at $87.14. The longer term for daily oil prices still remains bullish and we can fully expect daily prices to achieve $100 per barrel over the next 6 months.

Today is, of course, crude oil inventories which are expected to come in at 1.5m against last month’s fall of -0.4m.

Oil bulls eye 0 per barrel (according to Goldman Sachs)

Trading Sites

Archive for daily oil price

Daily Oil Prices 1 Dec 2010

Daily oil prices – 16th November 2010

Daily Oil Prices 10 Nov 2010

Daily Crude Oil Prices 22 Oct 2010

Daily Oil Prices 20 Oct 2010

(c) Financial Times Limited – 2010

Prices oil pages