The continued decline in the value of the US dollar pushed oil higher in the trading session. It will be interesting to note if we regain the $80 level, but whilst it is the dollar playing a major role, news emanating from the middle east is helping to underpin the price. Iranian defence moves may lead to escalated tensions in the region.

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE WTI - JAN 10

$78.36

+$0.92

GASOIL - JAN 10

$630.75

+$9.25

Market News

- Weekly crude inventories are scheduled to be released on Wednesday, ahead of the Thanksgiving holiday on Thursday
- The BBC website has claimed that Iran have started five days of large scale war games aimed at defending their nuclear sites
- Iraqi officials told the Associated Press that insurgent attacks led to a 4% drop in oil exports in October

Major Economic News

TIME

MARKET DATA

1500

US Existing Home Sales