Yesterday, the weekly inventories saw oil stock piles rise by 1.8mn barrels, a larger than expected increase. Contributing to the build up was net imports rising by 6.5% to 8.6mn barrels per day, and demand falling by 4.3% to 18.32mn barrels per day.

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - JAN 10

$77.37

+$0.59

ICE WTI - JAN 10

$78.19

+$0.55

GASOIL - JAN 10

$632.75

+6.25

Market News

- The IEA revised higher their global oil demand outlook for 2009/10, citing a “surge2 in Chinese demand
- BG Group said that light oil had been found in a new Brazilian well, known as Tupi North-East.
- Iranian armed forces chief of staff has said that Russia are now 6 months late in delivering air defence missiles

Major Economic News

TIME

MARKET DATA

1330

US Trade Balance