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Daily Oil Prices 30 Sep 2010

wti oil contract

As forecast in Tuesday’s daily oil prices commentary the pennant pattern which had been forming on the WTI oil chart over the past few weeks, duly delivered the spectacular breakout we expected, with crude oil closing yesterday at fractionally below $78 per barrel. ┬áThe wide spread candle thus created breached a series of technical levels but, most importantly, held above the 200 day moving average at the close of yesterday’s oil trading session. ┬áThis bullish momentum has extended into today’s WTI trading session with daily oil prices moving firmly higher once again, up almost $2 per barrel on the day to trade at time of writing at $79.92 per barrel and adding a further validation of yesterday’s breakout. The next logical target for crude oil is now the high of early August at $82.97 per barrel which marks the upper boundary of the wider trading channel of the past few months and should the current momentum be sufficient to breach this level, as expected, then this will provide an extremely solid platform for the commodity to develop a longer term bull trend where we see oil prices climb to the three figure mark once again and beyond.

Best monthly gain for oil prices since May 2009