Oil Price Latest: "The usual suspects of a decline in the stock markets and some strengthening in the US dollar were largely at play..."
Marius Paun at ODL Capital provides an update on the oil markets:
"Yesterday see Crude Oil sell off for a second consecutive day in a move that looks to be a technical correction following a virtually uninterrupted 3 week rally. The usual suspects of a decline in the stock markets and some strengthening in the US dollar were largely at play in forcing traders to take profits. The market may have also attracted some selling in response to some disappointing earnings indications from the major US refiner Valero. Last nights API data does not support any bullish suprise from this afternoons EIA numbers but as we have seen so many times in the past we can't always rule out surprises, of which we feel would have to be significant to release the grip of the stock markets on the current Oil trend."
9 day moving average - $65.93
14 day moving average - $64.03
40 day moving average - $66.90
WTI:
Support: $64.96 (low of 03/06/09 ) Resistance: $68.85 ( high of 28/07/09)
Support: $64.38 (low of 23/07/09) Resistance: $68.22 ( high of 24/07/09)
Support: $63.98 (low of 21/07/09) Resistance: $67.48 ( high of 23/07/09)
OIL (BRENT):
Support: $68.05 (low of 25/06/09) Resistance: $71.20 (high of 10/06/09)
Support: $67.58 (low of 24/06/09) Resistance: $70.81 (high of 26/06/09)
Support: $67.05 (low of 02/06/09) Resistance: $70.46 (high of 24/07/09)
DOE Stock estimates (change in millions of barrels)
