Oil Commentary – 24Feb

Posted: 24 Feb 2010, 11:12pm (ENERGY)


Oil pulled back from the $80 level despite the API reporting that inventories dropped last week, which indicates larger demand. Crude inventories fell 3.1mn barrels last week, whilst analysts had expected a drop of 2mn. All eyes will now turn to the weekly oil inventory release this afternoon, and the start of the two day testimony from Bernanke to the Senate.

Consumer Confidence fell to ten month lows in reaction to a worsening jobs market.

The IMF have warned leading economies not to rush in to slashing budget deficits for another year in case it leads to a double-dip recession.

Mervyn Kings comments that the UK may have to return to quantative easing put further pressure on Sterling.

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