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Strong China Imports Data Helps Oil PriceCrude oil price edges higher in European morning after china's trade data showed an increase in oil import in July. Pullbacks in USD and recovery in equity markets also lend supports. According to Chinese Customs, oil imports jumped +18% mom to a record high of 19.6M metric tons in July. Since the beginning of the year, the world's fastest growing economy purchased 110.4M metric tons of crude oil, 7-fold from 15M metric tons in the same period last year. Net imports of crude oil also surged to a record of 19.2M metric tons, suggesting china is stockpiling the commodity and is good for price. Stock markets rebound. UK's FTSE 100 Index opened higher after as International Power reported 50-fold 1H09 earnings. However, the index pares gain and is currently trading +0.04% above yesterday's close. In Asia, stocks advanced as boosted by China's trade data. Both the MSCI Asia Pacific Index and Japan's Nikkei 225 Stock Average gained +0.6%. USD's Strength Continued To Weigh On CommoditiesWithout much news or data, crude oil traded narrowly Monday. Investors' focus this week is on the Fed's FOMC meeting Wednesday. As recent economic data in the US have shown impressive improvement, the market anticipates the Fed will change its stance on monetary policies, probably from easing bias in previous meetings to neutral bias. This is the main reason for USD to rebound late last week. As USD rebounded and stock markets retreated, WTI crude oil slid -0.5% to close at 70.6 Monday. On the other hand, oil products climbed with gasoline and heating oil gaining +1% and +0.8% to 2.03 and 1.93, respectively. The dollar Index continued to rebound after making a -10 month low. Against major currencies, the greenback snapped losses made last week. For instance, USD soared for 3 straight against the euro and closed at 1.414, +1.5% from the 8-month low of 1.4447 made last week. Against the pound, USD settled at 1.648 yesterday. +3.3% from the 10-month low of 1.704 made last week. Gold Daily Technical OutlookGold's break of 953 support serves as the first signal that whole rebound from 904.8 has completed at 974.3 already. Intraday bias is flipped back to the downside for 927.6 support first and break will target lower trend line support in triangle pattern at 919.4 next. On the upside, above 959.5 minor resistance will turn intraday outlook neutral and bring consolidation. But recovery should be limited below 974.3 and bring another decline. Crude Oil Daily Technical OutlookConsolidation in range of 69.70 and 72.84 continues and intraday outlook in crude oil remains neutral for the moment. Note that below 69.70 will turn intraday bias to the downside for deeper pull back. But after all, we'd expect downside to be contained above 62.70 and bring another rise that eventually send crude oil above 73.38 level. On the upside, sustained break of 73.36/38 key resistance level (100% projection of 58.32 to 68.99 from 62.7 at 73.36) will confirm rally resumption towards 38.2% retracement of 147.27 to 33.2 at 76.77. Sponsor
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| News | ONG Focus | Commentaries | Technicals | Pivot Points | Bias |
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