Oil continues to trade at the $80 level as Bernanke soothed market fears that interest rates would follow the discount rate by being raised in the near future. As the Fed Chairman said that rates would remain at current levels, this increased confidence that global demand wouldn't be hit by increased rates. The US Dollar has rallied though, which may add some downside pressure taking in to account their inverse relationship.

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Crude Oil

Commodity

Level

Change

ICE BRENT CRUDE - MAR 10

$77.70

-$0.39

ICE WTI - MAR 10

$79.52

-$0.48

GASOIL - MAR 10

$629.25

-$1.25

Market News

  • Bernanke commented that there are signs of recovery in the US, however the jobs market remains quite weak. New home sales fell to a record low in January.
  • European sentiment in the 16 country state fell in February to 95.9, indicating a loss in momentum. Chancellor Merkel announced that the Euro is now in a difficult situation
  • Sterling hit a 9 month low on concerns about the UK needing to re-start the quantative easing programme

Major Economic News

TIME

MARKET DATA

1330

US DURABLE GOODS