Oil edged higher as a rally in the stock market helped buoy investor confidence. These gains helped take the edge off a rise in the USD, which gained on the back of outflows from the Euro, mainly based on concerns surrounding the state of the Greek economy. Another factor that helped push oil higher was OPEC leaving their 2010 global demand levels unchanged.

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - FEB 10

$76.97

-$0.65

ICE WTI - FEB 10

$78.62

-$0.69

GASOIL - FEB 10

$618.75

+$3.50

Market News

  •  The US Dollar Index rallied by 0.52% to 77.90
  •  OPEC, who supply circa 35% of the worlds crude oil, kept their 2010 daily forecasts at 85.15mn barrels per day
  •  Another big day on the corporate front, with numbers being released by Bank of America, Morgan Stanley and Wells Fargo in the financial sector
  • Please note that there are no oil inventories today. They will be released tomorrow due to Mondays public holiday

Major Economic News

TIME

MARKET DATA

1330

PPI and Housing Starts