As confidence in the global economy increases, the price of oil resumed its move higher. The falling US Dollar, higher equity markets, and bullish economic data all contributed to the price of oil heading north, and back to the $83 range that has proved so problematic in the recent past. Today's consumer confidence data in the US will ratify the current feel good factor, and Friday's non farms could be the confirmation that we are on the way back to economic wellbeing.

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Crude Oil

Commodity

Level

Change

ICE BRENT CRUDE - MAY 10

$81.60

+$0.45

ICE WTI - MAY 10

$82.56

+$0.44

GASOIL - APR 10

$678.25

-$0.75

Market News

  • The Greek government announced the sale of a 5 billion EUR seven year bond with a 5.9% coupon, a yield twice that of what Germany pays
  • German inflation data came in surprisingly strong, alerting economists to the notion of spiralling inflationary concerns
  • Economic confidence within the Eurozone is at 22 month highs
  • Consumer spending in the US rose for a fifth straight month, which will further the cause of those who see rates rising in the US sooner rather than later

Major Economic News

TIME

MARKET DATA

1400

US CONSUMER CONFIDENCE