Crude continued to rebound yesterday as bargain hunters decided to come back into energy complex. However, the price action was capped given that a rally in the equity market found itself at odds with a newly discovered strength in the US dollar. Technically crude prices are now some way below the moving averages although its next direction is likely to remain a function of developments in the currency / stock market. Consumer confidence data to be released later on in the US may provide useful hints which could also offer guidance for crude investors.

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - OCT 09

65.54

(+0.09)

ICE WII - OCT 09

66.84

(+0.39)

GASOIL - OCT 09

549.75

(+4.50)

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