Oil rallied for the second straight session as tensions eased over the state of the fallout from the Dubai debt problems. The WTI monthly chart shows that we have been stuck in a trading range of between $75 and $80 for the majority of November, so it will be interesting to note which side of the range we break out from?

width=450

Crude Oil

COMMODITYLEVELCHANGE
ICE BRENT CRUDE - JAN 10$79.20+$0.73
ICE WTI - JAN 10$78.09+$0.81
GASOIL - JAN 10$639+$13.75

Market News
- The detaining of 5 British sailors is threatening to raise tensions between Iran and major Western importer
- It is a big day on the economic front, with ISM and pending home sales data due from the US this afternoon

Major Economic News

TIMEMARKET DATA
1500ISM Index and Pending Home Sales