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Daily Oil Prices

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Daily Oil Prices

Thu, Sep 10 2009, 06:42 GMT
by Anna Coulling

Master The Markets

Confirmation that OPEC has decided to maintain current oil production levels for the time being resulted in little volatility to daily oil prices yesterday which ended the trading session with a narrow spread up bar following through the previous day's dramatic breakout.  The key technical point to note from yesterday's oil trading session is that the low of the day found support from the 14 day moving average suggesting that the upwards momentum may well continue into the end of the week and the only issue is the resistance in the $72 per barrel price range.  Indeed yesterday this presented a barrier to the high of the day with daily oil prices closing marginally below this key level.  So far this morning in early trading we have seen a break above the $72 price point once again and should we see daily oil prices hold above this for the remainder of the oil trading session then we can assume that the breakout is now complete and a move to re-test the $74.50 level is likely in the short term.  This technical picture is reinforced by the moving averages which are now fully supportive of any move higher.  Today's EIA's oil inventory numbers together with continuing dollar weakness and relative equity market strength are likely to add to this bullish picture.Overall the WTI oil contract closed the oil trading session at $71.31 having opened at $71.33, reached a high of $72.52 and low of $70.66.  The number of crude oil futures contracts for WTI was a tad under 300k.  Meanwhile the Brent Contract closed its oil trading session at $69.83, having opened at $69.45, reached a high of $70.88 and low of $69.09 on oil futures of 138k.

Support:  69.87      Resistance:  72.26

Support:  66.43      Resistance:  68.92

Support:  62.12      Resistance: 65.88

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Published on  Thu, Sep 10 2009, 06:43 GMT