Yesterdays oil inventories showed crude stocks rise by 3.1mn barrels last week, higher than analysts' expectations of 2.2mn barrels. News of the surprise rate hike in the US meant that the Dollar gathered strength, pushing oil lower. Once again we see the price challenging the $80 level, so one needs to see if it breaks this level, or retreats back to sub $75.

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Crude Oil

Commodity

Level

Change

ICE BRENT CRUDE - MAR 10

$76.72

-$1.02

ICE WTI - MAR 10

$78.04

-$1.03

GASOIL - MAR 10

$620.25

-$4.25

Market News

  • Francesco Blanche of BoA Merrill Lynch stated that he sees oil trading up to $105 by next year
  • Barclays Capital believe that oil will be trading at $137 by 2015
  • Iran say that the UN's nuclear warhead report is baseless
  • BP are due to restart their Texas refinery

Major Economic News

TIME

MARKET DATA

1330

US CPI