Following the recent dip in oil prices, buyers re-entered the market, taking the price back over the $78 level. The weakening of the dollar helped push oil prices north, and we could well see direction being provided by the stock market, where a number of heavyweights report numbers this week. Whilst not directly correlated to the oil market, large financials such as Citigroup (reporting today) may well have an influence in dictating investor's perception of the strength of the recovery.
|ICE BRENT CRUDE - FEB 10|
|ICE WTI - FEB 10|
|GASOIL - FEB 10|
- Qatar's oil minister said that OPEC are unlikely to raise output this year, commenting that the market is very well supplied
- Reporting season is in full swing in the US, with IBM and Citigroup taking centre stage today
- Please note that the weekly inventories will be on Thursday, as opposed to the usual Wednesday, this week
Major Economic News