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Oil Trading 9 Oct 2009

Yesterday’s sharp 3% advance in oil trading took crude futures to fresh 2 week highs was almost entirely due to current dollar weakness, a surging gold price & buoyuant equity markets, all of which pointing to an overall improvement in economic outlook.  In addition favourable earnings reports also seem to be driving the current mood of optimism and accelerating across commodities.  This is despite the huge increase in gasoline stocks and today’s monthly release of the IEA report will likely provide yet more bullish fodder on the demand side as an upward revision not only for the current quarter but also for next year.  All this may help to take oil trading past the resistance at $73 per barrel.

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