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