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2009-09-09

Crude Oil Weekly Report From DGCX

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WTI oil prices remain responsive to movements in the U.S. dollar and the equity markets but supply-demand conditions may come back into the foreground over the next few weeks. The inventory overhang continues to present downside risk to prices even as demand fundamentals improve.
According to the U.S. Department of Energy, U.S. crude oil inventories stood at 343.4 million barrels for the week of 28 August, 13.0% above year-ago levels. With excess supplies and no clear direction from technical signals, investors have turned more cautious on the oil market. The 1 September CFTC Commitment of Traders report for Nymex light, sweet crude oil showed that the non-commercial net long position declined 8.8% week-on-week to stand at 126,083 contracts.

If investor attitudes converge with the market’s fundamentals, oil prices could break below USD65 this week. Otherwise, more sideways trading can be expected with prices hovering between USD66 and USD71.

Base on the news look like Oil company share price likely to move sideways and in short term did not have any bounds up momentum.

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