All eyes will be on today's weekly inventories, due for release later on today, but it is the IEA's comments that may take centre stage in early trading. They have revised up their 2010 demand forecasts but have warned that further price rises may hinder the global economic return. The November chart shows that we appear to be stuck in and around the $80 level, so are looking for a decisive move.

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - JAN 10

$78.75

(+0.48)

ICE WTI - JAN 10

$79.88

(-0.02)

GASOIL - JAN 10

$644.75

(-0.75)

Market News

- Iranian President Mahmoud Ahmadinejad vowed to defend their nuclear facilities, but added that they wanted to co-operate with their nuclear programme
- President Obama sets off for the US-China summit today, following disputes over the implementation of the Copenhagen climate summit
- The International Energy Agency have this morning revised up their 2010 world oil demand forecasts
- The IEA have also warned that rising crude prices risk jeopardizing the global economic revival – “the recent spike…risks derailing the recovery” said the IEA
- The IEA expect China’s oil demand this year to average 8.3mn barrels a day, p nearly 6% on the year

Major Economic News

TIME

MARKET DATA

 

Weekly Oil Inventories