Oil touched the $80 level, but still fall shy of the $82 intraday high last month. The November chart shows that we are stuck in the middle of the recent trading range. Yesterday saw a move over the $80, but slipped back following a report from the American Petroleum Institute that crude stock piles rose more than anticipated.

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - JAN 10

$78.76

(+0.48)

ICE WTI - JAN 10

$80.06

(+0.44)

GASOIL - JAN 10

$647.75

(+0.75)

Market News
- Tropical Strom Ida came ashore along the Gulf Coast early yesterday
- Oil output increased, with daily production from the Kirkuk region of Iraq climbing to 670,000 barrels – Iraq is OPECs third largest producer
- Yesterday saw the International Energy Agency and the US Energy Information Administration forecast that demand would soon rebound in line with a global recovery
- The weekly oil inventories will be announced on Thursday this week, as opposed to the usual Wednesday