Oil roared past the $80 level, as traders reacted to positive data from US industrial production. Output at US factories, mines and utilities inched higher by 0.1%, giving oil bulls further hope that we are on the road to recovery. All eyes now turn to the release of the weekly inventory numbers, due for release at 330 GMT.

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - JAN 10

$79.65

+$ 0.66

ICE WTI - JAN 10

$80.34

+$0.65

GASOIL - JAN 10

$652.75

+$10.50

Market News

- UBS have raised their global oil price and demand forecasts due to the weakening US Dollar and stronger demand from China. UBS raised their long term target on ETI from $75 to $80
- UBS raised forecasts on demand by 600,000 barrels per day for 2010 on stronger Chinese consumption.

Major Economic News

TIME

MARKET DATA

1530

WEEKLY OIL INVENTORIES