We saw crude declining on Friday closing 25 cents down on the back of a slight rebound in the US dollar and a relative calm in the equity market. Some light position squaring ahead of week end may have been another factor pressuring crude price and possible a pullback in the gold market. Any retest of the recent highs at $75.67 on August 25th will be reliant upon a renewed weakness in the US currency but at the same time speculation the greenback may have formed a bottom could easily translate in a quick trip to the downside challenging support around $68.00 level.    

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - OCT 09

71.32

(-0.21)

ICE WII - OCT 09

72.49

(-0.25)

GASOIL - OCT 09

586.75

(-2.55)