It's a case of different day, but same old story! Further moves to the downside on the USD pushed the price of oil higher in trading yesterday. This, coupled with optimistic numbers from Japan and US Retail Sales, gave investors cause for optimism. The state of the global economy will have direct impact on consumption levels, so positive economic data is key to a strong oil price.

graph_oil17/11/09

Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - JAN 10

$78.50

-$0.27

ICE WTI - JAN 10

$79.20

-$0.33

GASOIL - JAN 10

$638.75

-$0.50

Market News

- OPEC, who are due to meet on Dec 22nd, are still contemplating a decision to revise production levels, according to reports on Dow Jones Newswire
- Fitch ratings say that Europe’s oil refining sector is experiencing considerable cash flow pressure
- Petrobras have announced a light oil discovery in the Santos Basin, estimated at 25 million barrels
- Please be aware that we have weekly oil inventories due for release tomorrow afternoon

Major Economic News

TIME

MARKET DATA

1330

US PPI