Oil Commentary – 01Mar

Posted: 01 Mar 2010, 8:37pm (ENERGY)


Oil is trading back over the $80 level as the US Dollar remained stable, and the US’s better than expected revised GDP numbers on Friday helped build confidence. Further bullish news from Europe with regards to a stable jobs market has given market bulls reason to believe that the economic recovery will not pull back, and demand will not wane.

Unemployment in the Eurozone remained stable at 9.9% for the third consecutive month. Analysts had expected unemployment to rise.

Australia’s manufacturing sector expanded at its fastest pace in two years.

It is a big week on the economic front, with the Beige Book in the US being released on Wednesday, Interest Rate decisions being made in the UK and ECB on Thursday, and non farms on Friday.

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