Oil edged higher yesterday, but still trades below the $75 level ahead of today's weekly oil inventory numbers. Weather watchers will have noted that we are due another cold snap in the Eastern half of the US, which may increase consumption. Looking at the bigger picture, the dollar will be in focus tonight as the FOMC conclude their two-day meeting and announce their Interest Rate decision.

oil_27_1_10

Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - MAR 10

$73.10

-$0.17

ICE WTI - MAR 10

$74.60

-$0.11

GASOIL - MAR 10

$600.10

-$3.50

Market News

  •  US consumer confidence jumped in January
  •  UK Q4 GDP came in at 0.1%, lower than analysts expectations (0.4%)
  •  US Interest Rates are widely expected to remain unchanged, but traders will be looking to the statement to eye the potential winding down of the asset purchase programme
  •  Ben Bernanke's term as FED Chairman ends on Sunday, as the Senate continue to debate whether or not he should be granted a second term
  • Weekly crude inventory levels are scheduled to be announced today at 1530