Oil pulled back from the $80 levels as traders mulled over mixed signals over the strength of the US economy. Yesterdays manufacturing numbers showed output rose for a seventh straight month, albeit it fell short of expectations. Strength of the US Dollar also meant that oil struggled to surge past the psychological $80 level.

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Crude Oil

Commodity

Level

Change

ICE BRENT CRUDE - MAR 10

$76.98

+$0.10

ICE WTI - MAR 10

$78.73

+$0.02

GASOIL - MAR 10

$628.50

-$5.00

Market News

  • The Australian Central Bank raised interest rates to 4% this morning, with the RBA claiming that their economic growth predictions are back to normal
  • Talk of a German/French bailout for Greece continues, however Angela Merkel still insists that the Greeks still need to reduce their deficit
  • The Euro has hit nine and a half month lows against the US Dollar as confusion reigns over the state of the Greek situation
  • Please be aware that the Beige Book is scheduled to be released tomorrow
  • Tomorrow sees the release of the weekly oil inventories

Major Economic News

TIME

MARKET DATA

 

NO MAJOR ANNOUNCEMENTS