9 day moving average - $66.28 14 day moving average - $64. 83 40 day moving average - $66.74


Crude gained over $3.50 yesterday, the largestrise since 9th April. The energy complexsee substantial gains recouping the previous day'shuge losses as both the Oil and stock markets appear to be speculating on the economy recovering spurring demand for fuels once again.Trading at about the middle of an approximate $15 trading range that has been intact for almost 3 months. As a consequence, the decoupling between the oil and the equities that saw oil plunge dramatically in comparison to the minor losses in the stock market during thebeginning of this week, could easily beseen againgoing forward.Nevertheless, 3 digit spikes in the Dow will still need to be recognized and whilst another Big rally looks unlikelysuch a development cannot be completely ruled out should any bullish surprises develop within the 2 nd quarter US GDP figures.


Support: $65.48(lowof03/07/09)Resistance: $68.85 (high of28/07/09)

Support:$64.74(low of29/05/09)Resistance: $68.68(high of01/06/09)

Support:$64.38(low of23/07/09)Resistance: $68.22(high of24/07/09)


Support: $69.07 (low of 28/07/09)Resistance: $71.96 (highof19/06/09)

Support:$68.69 (low of24/07/09)Resistance: $71.36 (high of 28/07/09)

Support:$68.10 (low of29/06/09)Resistance: $71.20 (high of10/06/09)

** The ODL Brent crude oil contract (Oil) trades between 07:15 and 21:00 UK Time **

** The ODL WTI crude oil contract (WTI) trades between 01:15 and 22:00 UK Time **

** The ODL Gas Oil contract (GSO) trades between 07:15 and 21:00 UK time **

The ODL oil contracts are based on the front month (March) of the ICE contracts:

Yesterday's Settlements Oil:September- $70.11October- $70.48

Yesterday's Settlements WTI:September - $66.94October- $ 68.92  

The ODL oil contracts roll monthly on the day before the ICE Brent front month expiry on the settlement of the front spread