Judging by the intensity of yesterday's sharp sell off in crude it could be agreed the impact of a surprisingly bearish EIA report on Wednesday has not run its course throughout a single trading session. That's because a continued rebound in the US dollar against the euro combined with profit taking in the equity market have only accentuated crude price decline, clearly not having the same magnitude. Consequently oil prices experienced another significant downward correction losing $2.74 or 4% crossing below the sideways range which 'locked' its price action lately.

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - OCT 09

64.82

(-2.74)

ICE WII - OCT 09

65.89

(-2.46)

GASOIL - OCT 09

547.50

(-15.00)