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Daily Oil Price Analysis 11 March 2010

Crude Oil Chart 11 March 2010

Daily oil prices continued to push higher yesterday closing the trading session with a narrow spread up candle but with a weak bearish shadow to the upper body as prices continue to flirt with the $82.50 price handle.  The key point to note from yesterday’s oil trading session is the strong support currently being offered by the 9 day moving average which is providing a short term platform to the present rally which is generally an excellent positive trending signal.  In conjunction with the 14 day moving average both of these technical indicators are suggesting that the rally is ready to move higher once again but until we see a break and hold above the previous top of early January this cannot be guaranteed.  Overall the WTI contract closed the oil trading session at $82.00 having traded between a high of $83.03 and low of $80.81.  Brent closed at $80.42 having traded between a high of $81.46 and low of $79.22.

Yesterday’s crude oil inventory data confirmed a 1.4m build in  oil stocks, a 2.9m fall in gasoline and a 2.2m fall in distillates.  Comparisons with this time last year are interesting as crude oil stocks are almost 4% less but both gasoline and distillates are up by 6% and 3% respectively.

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