COT Index Oil – Weekly Report 23rd March 2009

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The reversal in crude oil prices now seems to be in place, with the COT index moving firmly away from the extreme of two weeks ago, which suggested that we should see bullish trend starting in oil prices, which now seems to be the case in the daily oil price, as it breaks out from the sideways consolidation of the last few months, a moves above the $50 per barrel region. Supported by the moving averages this move now seems to have some momentum, and we should now see this reflected in the COT index for oil over the next few weeks.

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