Prices were little changed in trading as prices manoeuvred in and around the $80 level. The weekly inventory data showed that stocks fell, with US crude stocks fell by 900,000 barrels last week, higher than the expected 300,000 decline. Concerns over the strength of the economic rebound appear to be preying on investors’ minds.

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Crude Oil

COMMODITYLEVELCHANGE
ICE BRENT CRUDE - JAN 10$79.05-$0.40
ICE WTI - JAN 10$79.57-$0.52
GASOIL - JAN 10$643.50-$10

Market News

  - The US Dollar Index fell once again following comments from the President of the St Louis Fed. He said that past experience suggested US policy makers might not start to raise Interest Rates until 2012.Unseasonably warm weather in the north east of the US could imply softer demand ahead.
- The head of Libya's National Oil Corporation stated that he felt OPEC did not need to change output numbers.

 
 

Major Economic News

TIMEMARKET DATA
1330US initial Claims