Monday 11th January 2010

Oil moved higher as the dollar weakened and we saw positive data from China. The poor non-farm payroll figures, and a statement from a member of the St Louis Fed Reserve, pushed the US Dollar to 4 week lows, and encouraging export data from China, showing growth for the first time in 13 months, edged buyers in to the oil market once again.

oil_11_1_10

Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - FEB 10

$82.20

+$0.84

ICE WTI - JAN 10

$83.58

+$0.82

GASOIL - JAN 10

$666.25

+$10

Market News

• The US Dollar Index slid on poor economic data, and lighter than usual volumes – the Japanese markets closed for Coming of Age Day.
• The US Dollar is now trading at 4 week lows following Fridays non farms, where 85,000 jobs were lost
• St Louis Fed Reserve President stated that US interest rates would remain lower for “quite some time”

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