Following the recent two-day rally, oil pulled back a little due to some dollar strength and the lack of any real action from the OPEC meeting in Vienna. OPEC members agreed to maintain the existing cuts of 4.2mn barrels per day. The weekly inventories also showed that there was a build of 1 mn barrels, less than analysts had expected.

oil_18_3_10

Crude Oil

Commodity

Level

Change

ICE BRENT CRUDE - MAY 10

$81.38

-$0.57

ICE WTI - APR 10

$82.41

-$0.53

GASOIL - APR 10

$675.75

+$0.25

Market News

  • Sterling got a lift as the jobless claims came in at better than expected levels and the release of Bank of England minutes showed a unanimous vote to keep rates unchanged
  • The original three month lending facility programme in Japan is scheduled to expire soon, and they will now double the facility and further loosened their policy stance

Major Economic News

TIME

MARKET DATA

1230

US CPI and WEEKLY JOBLESS DATA