• Home ::
• Technical ::
• Forex Strategy ::
• Daily Oil Prices

• Send
• Print
• Add To
• Rss

Daily Oil Prices

4621269d-a5cb-4ef0-8a03-4de152046a05

0

1

Daily Oil Prices

Thu, Jul 2 2009, 10:28 GMT
by Anna Coulling

Master The Markets

Yesterday's sell off in crude oil prices was somewhat surprising given a renewed weakening of the US Dollar (correlations can and do move in and out of sync) but could merely be reflecting the weak demand seen in the US as evidenced in the weekly EIA stats which showed gasoline stock rising by 2.3m barrels in the week ended 26th June.  In addition whilst the first half of 2009 has seen impressive stock market gains there is a growing fear that these gains will not be sustained going forward and will either stall or, worse still, reverse.  The ADP figures also released yesterday showed a much bigger than expected increase in unemployment in the private sector which can only add a degree of nervousness to the market ahead of the more significant Non Farm Payroll data later today.  Having initially moved higher in early trading crude oil prices encountered some resistance after touching the intra day high of $71.84 and overall daily oil prices ended the day sharply lower, losing $1.46 to settle at $69.14 per barrel.  Technically the oil chart continues to consolidate in the current $70 per barrel price region and yesterday's close finished below both the 9 and 14 day moving averages.  The daily oil chart has a mildly bearish tone at present but with plenty of clear water to the 40 day moving average there is scope for a move lower in the short term before reversing higher once again, and the key for today, and tomorrow, whether crude oil prices can find some support at the $68 per barrel price point.  The outcome for crude oil prices in the next few days will be dictated by the battle between the ECB and the FED with the Chinese adding their own pertinent comments.

The short and medium term trend is while the long term trend is bullish.

WTI:

Support:    $68.51 (yesterday’s low)                              Resistance: $72.78 (high of 16/06/09)

Support:    $68.07 (low of 24/06/09)                              Resistance: $72.15 (high of 15/06/09)

Support:    $66.67 (low of 22/06/09)                              Resistance: $71.84 (yesterday’s high)

OIL (BRENT):

Support:    $68.08 (yesterday’s low)                              Resistance: $72.40 (high of 16/06/09)

Support:    $67.58 (low of 24/06/09)                              Resistance: $71.96 (high of 19/06/09)

Support:    $66.12 (low of 22/06/09)                              Resistance: $71.32 (yesterday’s high)

DOE Stock Figures (change in millions of barrels)

Crude -3.7 (-1.5)      Distillates +2.8 (+1.6)    Gasoline +2.3 (+2.0)

Published on  Thu, Jul 2 2009, 10:28 GMT