Daily Oil Report Tuesday 11th May 2010

aku_srie
Following on from yesterday's jump in oil prices following the Euro bailout, a dose of scepticism has swept markets, with the Euro pulling back, and hitting investor confidence once again. Having traded at 18 month highs of $87 last week, we are now closer to the $76 level, so now we await tonight's API data, and tomorrows more widely watched EIA inventories.
Chris Hossain, ODL Securities Ltd
oil_11_5_10

Crude Oil

Commodity
Level
Change
ICE BRENT CRUDE - JUN 10
$79.40
-$0.72
ICE WTI - JUN 10
$76.07
-$0.73
GASOIL - MAY 10
$668.50
-$2.75

Market News

  • Libya's officials commented that they would call for an emergency OPEC meeting should oil fall to $60 per barrel
  • Moodys Investor Services announced that they may still downgrade Portugal, and could further lower Greece to junk status
  • The rate of inflation accelerated in China during April as consumer and producer prices beat estimates
  • Fed members Lockhart and Plosser are both scheduled to be speaking in Atlanta this afternoon
(ibtimes)

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