WTI dipped below the $70 mark, a level not seen since mid October, following signs that OPEC do not plan to cut out when they meet on December 22nd. Concerns that the demand for oil is not running as fast as one would have hoped has seen oil fall back from the $82 level seen in October.


Crude Oil

ICE BRENT CRUDE - JAN 10$71.75-$0.13
ICE WTI - JAN 10$69.39-$0.52
GASOIL - JAN 10$586+$4

Market News
- After years of war and sanctions, Iraq are trying to revive their struggling oil industry by awarding some of its oil fields to international companies
- Woodside Petroleum are to raise AUD$2.5bn to help fund their push in to the LNG market
- Chinese President Hu Jintao opened a landmark pipeline to transport natural gas to China

Major Economic News