Oil continued to trade sideways as traders appear not to be convinced at the strength of the global recovery. Declines in global stock markets over the past few weeks have led to concerns about future demand, and the strength of the US Dollar has helped keep the price of oil relatively sluggish. The Dollar Index is now trading at six month highs.

Market News

1. US GDP on Friday came in at 5.7%, ahead of analysts' expectations
2. The fire at a crude oil storage in Kuwait has had no impact on production according to locals news agencies
3. In the equity markets, Exxon Mobil are scheduled to report numbers in the US later on today
4. In terms of economic releases, we see Australian Interest Rates being released tomorrow, and UK and Eurozone rates scheduled for Thursday
5. Please note that non farms are scheduled for release on Friday

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