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Daily Oil Report Tuesday 3rd November 2009
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Crude enjoyed a slight rebound after the previous session significant drop but found good resistance just short of the 14 day moving average. The advance was supported by a weaker US dollar against the euro showing that the inverse relationship between crude and the greenback is still intact. Going forward the Fed statement on Wednesday and nonfarm payrolls data on Friday will likely to be the primary influence in the world markets offering guidance for the next direction in crude.
Crude Oil
| COMMODITY |
LEVEL |
CHANGE |
| ICE BRENT CRUDE - DEC 09 |
76.55 |
(+1.50) |
| ICE WTI - DEC 09 |
78.13 |
(+1.11) |
| GASOIL - DEC 09 |
635.25 |
(+8.25) |
Market News
- Weekly oil inventories are announced tomorrow
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