Crude settled higher again Friday on the back of the usual suspects, a weakening US dollar combined with the associated strengthening in the stock markets. Reaching a new high for the year at $74.71 might have also been a consequence of the increasing attractiveness of the crude oil as a valued asset that could provide a hedge against an inflationary environment further down the road. The oil market still digesting the unexpected big drop in inventories could have been another bullish feature although it has to be said the overall supply invites to caution.

Prices
Commodity                                      Level         Change
ICE BRENT CRUDE - OCT 09         74.19        (+0.64)
ICE WTI - OCT 09                           73.89        (+0.79)
GASOIL - OCT 09                           608.25      (+8.00)

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