Daily Oil Report Monday 8th March 2010

 @ibtimes
on March 08 2010 8:47 AM

The lower US Dollar helped push the price of oil higher, and Fridays better than expected non-farms increased confidence that the global economic recovery is in full swing. Having traded over $82, we are at two month highs, so the next significant landmark is $84, sixteen month highs. Positive signs from China also increased traders confidence that the future looks positive.

oil_8_3_10

Crude Oil

Commodity

Level

Change

ICE BRENT CRUDE - APR 10

$80.64

+$0.75

ICE WTI - APR 10

$82.16

+$0.75

GASOIL - MAR 10

$653.75

+$2.25

Market News

  • Chinese Premier Wen Jiabao stated that China would maintain 8% growth this year
  • The FT reported that some of the world's largest oil producers have stopped supplying petrol to Iran
  • Fridays non-farm payroll figures showed that 36,000 jobs were lost in February, much better than analysts had expected
  • Japan's current account surplus topped forecasts. Expectation was Y783.9BN, but it came in at Y899.8bn
  • The IMF's Managing Director commented that the problems in Greece were unlikely to spread to other parts of Europe

Major Economic News

TIME

MARKET DATA

1100

GERMAN INDUSTRIAL PRODUCTION

Share this article