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Oil Trading News 3 Nov 2009

Although crude futures have managed to recover at the start of the oil trading week on some dollar weakness and equity strength, rising more than $1.25 from Friday’s close, the advance has thus far been somewhat uninspiring with a further run at $80 unlikely, at least until the EIA stats on Wednesday.  The appearance of fresh 2 week lows and last week’s fake out in which oil futures moved sharply above the $80 per barrel level, only to fall dramatically on Friday can only be described as bearish.  Indeed Friday’s fall could even suggest a run at the $75 price point.  With sharp price movement in both directions oil trading will be difficult and a close watch on market sentiment towards the US dollar in driving capital flows in and out of the petroleum complex is really the order of the day.

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