Daily Oil Report Friday 5th February 2010

By IBTimes Staff Reporter | February 05 2010 4:39 AM

The price of oil fell nearly 5% as traders continued to flee the Euro and buy up the US Dollar. Given the inverse relationship between the dollar and oil, this added some downside pressure, but the big story remains the health of the Greek economy. Concerns over sovereign debt have pushed global equity markets lower, which in turn has dented investor confidence in terms of future demand.

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Crude Oil

Commodity

Level

Change

ICE BRENT CRUDE - MAR 10

$71.40

-$0.73

ICE WTI - MAR 10

$72.63

-$0.49

GASOIL - MAR 10

$576.50

-$11.50

Market News

Barclays Capital economists warned that the Greek issue could spread to create a Lehman-style tsunami spreading across much of the EU
Yesterdays initial jobless claims in the US came in a lot lower than expected, with claims rising by 8,000 to 480,000, way above analysts' expectations, who forecast a fall of 10,000
Both the UK and the ECB left rates unchanged at 0.5% and 1% respectively
Following 11 months of support, the Bank of England announced that they would be pausing their quantative easing programme
Please note that the non-farm payroll figures are scheduled for release at 1330 this afternoon

Major Economic News

TIME

MARKET DATA

1330

NON FARM PAYROLL FIGURES