Oil edged higher for the second successive trading session as confidence returned to stock markets. Figures released showed that the US manufacturing sector grew at a faster-than-expected rate in January, recording the sixth successive month of growth. With confidence rallying, the forecasts for future demand rally too, pushing the price of oil back up towards the $75 level. One needs to note that we have the weekly oil inventories scheduled for release tomorrow.

Oil_2_2_10

Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - MAR 10

$73.15

+$0.04

ICE WTI - MAR 10

$74.54

+$0.12

GASOIL - MAR 10

$596.25

+$3.00

Market News

  •  In the US yesterday, Exxon Mobil reported Q4 numbers that topped expectations, despite reporting a 23% fall in net income
  •  BP fell in early trade as they missed analyst's expectations. The oil major reported lower-than-forecast 33% rise in Q4 profits
  •  The Venezuelan energy and oil minister is in China, looking to push Chinese investment in to their heavy crude reserves
  •  The RBA surprisingly kept Aussie interest Rates unchanged at 3.75% following three successive rate hikes
  • Please be aware that the weekly inventories are scheduled for release tomorrow

Major Economic News

TIME

MARKET DATA

1000

Eurozone December PPI