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Daily Oil Prices

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Oil Futures

Wed, Sep 16 2009, 07:16 GMT
by Anna Coulling

Master The Markets

Daily oil prices responded to the doji candle of Monday which suggested that we could see a reversal back higher once again following last week's sharp sell off, and indeed this was the result with crude oil futures trading higher and ending the session as an upbar which closed above all three moving averages.  This trend of constant price reversals now seems to be a continuing pattern and as outlined in yesterday's oil market commentary is being repeated with increased regularity which suggests that oil prices remain bullish taking their cue from a weaker dollar and hope that the worst of this present downturn may be over.  Today's weekly oil stats may once again add their own brand of volatility as crude oil stocks are expected to show a further drop of 2.5mb and a further rise in gasoline.   The oil market continues to ignore its own bearish fundamentals preferring instead to focus on an upturn in demand in 2010 as the global economy continues to improve.   Meanwhile, the technical picture for daily oil prices remains the same in that we need to see a break and hold above the resistance at $72 per barrel with a meaningful move which would then suggest the $75 per barrel target is once again on the horizon.  My short term view for oil futures remains bullish and should we see the above target breached then there is no reason to suppose that we should not see a break to a much higher price level in due course.  Overall WTI oil futures closed the crude trading session at $70.93 having opened at $68.78 while reaching an intra day high of $71.19 and low of $68.48.  Oil futures vols seen at 260k+.  The Brent contract closed at $69.86 having opened at $69.56 while reaching an intra day high of $70.00 and low of $67.52.

Support:  67.41       Resistance:  72.10

Support:  63.08       Resistance: 67.03

Support:  59.86        Resistance: 61.40

Published on  Wed, Sep 16 2009, 07:21 GMT