Yesterday's weekly inventories defied expectations, with crude stocks falling by 2.2mn barrels last week. Falling stocks is a sign of increased demand, and this school of thought was furthered when data from China showed GDP grew by 10.7% in the first quarter of the year. Such positive news raised expectations that the global economy is past the worst.

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Crude Oil

Commodity

Level

Change

ICE BRENT CRUDE - MAY 10

$86.28

+$0.13

ICE WTI - MAY 10

$85.53

-$0.30

GASOIL - APR 10

$713.75

-$0.50

Market News

  • The Oil Ministry of Iraq announced that they will put three undeveloped gas fields up for bids to groups to develop them
  • Retail Sales figures in the US came in at 1.6%, beating market consensus of 1.2%. This, coupled with the impressive non farms, has given market bulls a genuine belief that the worst is over
  • The S&P 500 finished over the 1200 level for the first time in 19 months as equity markets rallied in response to positive economic data and strong corporate results

Major Economic News

TIME

MARKET DATA

1330

US WEEKLY JOBLESS CLAIMS