Oil's two week rally consolidated in and around the $80 level as we now await to see if the run will continue, or will profits be taken off the table? The Dollar has retreated, thus helping keep the oil price up, so the next big hurdle is tomorrows weekly oil inventory release and Bernanke's two day testimony which starts tomorrow.

oil_23_2_10

Crude Oil

Commodity

Level

Change

ICE BRENT CRUDE - MAR 10

$77.99

-$0.62

ICE WTI - MAR 10

$79.65

-$0.66

GASOIL - MAR 10

$636.50

-$0.50

Market News

  • San Francisco Federal Reserve President Janet Yellen suggested that any chance of a US rate hike was remote
  • Ben Bernanke is scheduled to start his two day testimony tomorrow, with attention likely to focus on future interest rate policy
  • The latest Ifo sentiment index fell to 95.2. Most analysts expected the index to record a rise to 96.4
  • Mervyn King, Governor of the Bank of England, reiterated that the recovery in the UK remains fragile, and the UK may have to return to quantative easing
  • Goldman Sachs expect the price of crude to trade between $85 and $95 this year

Major Economic News

TIME

MARKET DATA

1500

US CONSUMER CONFIDENCE