The Euro rally saw the US dollar decline, thus helping push the price of oil north once again. The dollar index pulled back as the Euro moved to one month highs versus the greenback. Despite inventories rising for 10 consecutive weeks, the price of oil has broken through the recent resistance levels, and has held its own over $85n for the past few sessions.

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Crude Oil

Commodity

Level

Change

ICE BRENT CRUDE - MAY 10

$85.47

+$0.63

ICE WTI - MAY 10

$85.39

+$0.47

GASOIL - APR 10

$717.75

+$6.00

Market News

  • Chinese crude imports jumped 13.8% to 4.95 million barrels per day
  • Barclays Capital analysts believe that the $70 to $80 range has been broken and are predicted a possible rise to $90 as the global economy recovers

Currency traders should note that the so-called BRIC countries - Brazil, Russia, India and China - are scheduled to hold a summit in Brazil this week to discuss mutual trade and investment

Major Economic News

TIME

MARKET DATA

1800

US MONTHLY BUDGET STATEMENT