Oil continued to trade below the $75 level having hit 6 week lows on Wednesday. Weaker demand from the US continues to hurt sentiment, so now attention will turn to today's GDP figures from the US. The strength of the rebound will be eyed carefully, as traders look to see if the rebound has been created by the stimulus programme, or are there genuine reasons to be positive.

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - MAR 10

$71.95

-$0.17

ICE WTI - MAR 10

$73.42

-$0.24

GASOIL - MAR 10

$590.50

+$0.75

Market News

  •  Tony Hayward, CEO of BP, said yesterday that there was a supply challenge ahead, with output needing to go as high as100mn bpd. At present, there is83mn bpd being produced.
  •  US GDP is expected to show its fastest growth for four years, but this has been supported by the government backed stimulus programme
  • Ben Bernanke's second term as Chairman of the Federal Reserve was confirmed last night despite the economic woes

Major Economic News

TIME

MARKET DATA

1330

US Q4 2009 GDP