Ahead of today's weekly inventories, traders appear to have taken some of the recent profits off the table, albeit we remain above the $80 mark. A spate of violent outbreaks in Nigeria has helped to increase concerns about supply from the African nation, but despite demand remaining sluggish, oil has rallied sharply over the past few weeks.

oil_10_3_10

Crude Oil

Commodity

Level

Change

ICE BRENT CRUDE - APR 10

$79.59

-$0.32

ICE WTI - APR 10

$81.21

-$0.30

GASOIL - MAR 10

$648.75

-$1.25

Market News

  • The US Dollar stabilised as investors fled the Euro and Sterling following destabilising comments from Fitch and Moodys
  • Westpac have stated that they believe that Australian consumer confidence may decline in the future
  • Data released this morning showed German consumer prices rose by 0.4% in February, higher than the originally reported 0.2%
  • Iranian Oil Minister has said that they will lend their expertise to Zimbabwe for refurbishing refineries

Major Economic News

TIME

MARKET DATA

1530

WEEKLY OIL INVENTORIES