Crud/e Comment29/07/09  

9 day moving average - $65.93 14 day moving average - $64.03 40 day moving average - $66.90

Report:

Yesterday see Crude Oil sell off for a second consecutive day in a move thatlooks to be atechnical correction following a virtually uninterrupted 3 week rally. The usualsuspects of a decline inthe stock marketsand 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 refinerValero.Last nightsAPI data does not support any bullish suprise fromthis afternoonsEIA 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 significanttorelease the gripof thestock markets on the current Oil trend.

WTI:

Support: $64.96 (lowof 03/06/09) Resistance: $68.85 (high of 28/07/09)

Support:$64.38 (low of23/07/09) 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)

Crude-1.2 Distillates+0.9 Gasoline -0.1