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Oil Trading 28 Aug 2009

Oil trading yesterday managed a sizeable rebound of almost $3.00 yesterday after the WTI oil contract had posted some of the lowest levels in almost a week.  The catalyst was again the upswing in equities with a consequent weakening of the US dollar, giving us a decidedly bullish bias.  However, despite these drivers the oil market is still having difficulty in following through in either direction as there is still a supply overhang and the threat of ETF liquidations in advance of any new regulations by the CFTC.  All that we can say is that oil trading is set for some choppy trading ahead.

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