Crude rebounded yesterday after Friday's sharp sell off, gaining 2% and closing above the short term moving averages. It was the weakening US dollar which posted another fresh low against the euro for the sixth straight session which supported the rally in crude prices with a stronger equity market offering extra help. The move shows that the price action within the $68 - $75 range is still intact. Today's weekly EIA stats are expected to show a drop in crude stocks of 2.5 mbs and a rise in gasoline inventories by 0.6 mbs according to a survey by Dow Jones Newswires and the reaction should provide a few hints regarding the sentiment in the energy complex.

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - NOV 09

69.86

(+1.36)

ICE WII - NOV 09

71.30

(+1.71)

GASOIL - NOV 09

559.50

(+7.75)