Crude traded lower as the US Dollar rallied. The move out of the Euro and the Australian Dollar helped push up the Dollar Index, as traders sought the relative safety of the greenback. Having rallied hard on Tuesday, some profits look to be have taken, so we are looking to see if the weekly inventories will push oil back below the $75 level, or will we be propelled back towards the $80 mark?

oil_18_2_10

Crude Oil

Commodity

Level

Change

ICE BRENT CRUDE - MAR 10

$75.47

-$0.80

ICE WTI - MAR 10

$76.62

-$0.66

GASOIL - MAR 10

$610

-$0.75

Market News

  • The API announced that in the week ending Feb 12th, there was a 100k barrel drop in oil inventories
  • US retail gasoline demand fell 2.5% last week according to a Mastercard Spending Pulse report

Major Economic News

TIME

MARKET DATA

1600

Weekly Oil Inventories