Friday 28th August 2009
Crude declined sharply in early trading reaching an intraday low of $69.84, the lowest level in more than a week. Consequently the move attracted bargain hunters and the session finished with crude posting an impressive price rebound. The catalyst behind the recovery was based as usual on stocks flipping back into positive territory combined with a renewed weakening in the US dollar. However, despite the rebound the struggle to follow through in either direction was again the main feature in yesterday's price action.