Attention will turn to today's weekly inventory numbers, as oil continues to struggle to get past the $83 level once again. We have conflicting economic data that is contributing to the two way struggle. The US is the world's biggest consumer of fuel, and data showed consumer confidence is rising, however Japan, the worlds third largest energy consumer, recorded falls in household spending and industrial output.

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Crude Oil

Commodity

Level

Change

ICE BRENT CRUDE - MAY 10

$81.34

+$0.08

ICE WTI - MAY 10

$82.43

+$0.07

GASOIL - APR 10

$679.25

+$5.00

Market News

  • Fed member Charles Evans painted a dour assessment of the US economy, with him predicting unemployment only falling to 9.25%
  • Yesterdays API data showed crude inventories rose by 421,000 barrels last week
  • The Euro remains in focus as analysts look at the take up for the Greek 7 year bond, and compare interest to that of the previous 10 year note
  • The Australian Dollar fell back following the release of disappointing retail sales data and poor building approvals