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Ahead of today’s weekly inventories, traders appear to have taken some of the recent profits off the table, albeit we remain above the $80 mark. A spate of violent outbreaks in Nigeria has helped to increase concerns about supply from the African nation, but despite demand remaining sluggish, oil has rallied sharply over the past [...]

The price of oil stayed above the $80 level as data showed that net long positions are at their highest levels since January. The catalysts for the moves up are a weaker dollar, political unrest in Nigeria, and Chinese intention to build up oil reserves. Note that oil has traded above, and more importantly stayed [...]

The lower US Dollar helped push the price of oil higher, and Fridays better than expected non-farms increased confidence that the global economic recovery is in full swing. Having traded over $82, we are at two month highs, so the next significant landmark is $84, sixteen month highs. Positive signs from China also increased traders [...]

Crude continued to trade in and above the $80 level as yesterdays initial jobless data showed claims falling in the US. Optimists will see this as a precursor to a positive non-farm payroll figure later on in the session, which will increase confidence that the global recovery ins well in swing.
Both the ECB and MPC [...]

Crude continues to trade above the $80 level as investors waited for a raft of economic data scheduled to be released over the next 48 hours. Yesterday’s weekly inventories showed a build of 4.1mn barrels, well above the anticipated 1.1mn barrels. Despite this build, a weakening Dollar helped keep the price buoyant.
Eurozone GDP rose by [...]

The oil market continues to be range bound as it trades in and around the $80 level. API data released last night showed inventories growing more than expected last night, so all eyes move now to today’s weekly inventory numbers by the Energy Information Agency. The US Dollar may move this afternoon upon release of [...]

Oil pulled back from the $80 levels as traders mulled over mixed signals over the strength of the US economy. Yesterdays manufacturing numbers showed output rose for a seventh straight month, albeit it fell short of expectations. Strength of the US Dollar also meant that oil struggled to surge past the psychological $80 level.
The Australian [...]

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, [...]

Oil continues to trade at the $80 level as Bernanke soothed market fears that interest rates would follow the discount rate by being raised in the near future. As the Fed Chairman said that rates would remain at current levels, this increased confidence that global demand wouldn’t be hit by increased rates. The US Dollar [...]

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 [...]