Crude posted a strong rebound yesterday which in effect denied a big part of the previous day's losses. The rally was triggered and supported throughout the trading session by a renewed weakness in the US dollar touching a fresh yearly low against the euro proving that it remains the main driver for the energy complex. Nevertheless, the chart showed and 'Inside Day' pattern with lower highs and higher lows which could point to consolidation especially when all moving averages are very close together. Today, the focus could be shifted on the fundamentals once the weekly EIA stats are released but also of great importance will definitely be the meeting of the Federal Open Market Committee providing extra clues about the state of the world biggest economy.

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - OCT 09

70.53

(+1.69)

ICE WII - OCT 09

71.76

(+1.25)

GASOIL - OCT 09

580.00

(+13.75)