Oil edged higher for the second successive trading session as confidence returned to stock markets. Figures released showed that the US manufacturing sector grew at a faster-than-expected rate in January, recording the sixth successive month of growth. With confidence rallying, the forecasts for future demand rally too, pushing the price of oil back up towards the $75 level. One needs to note that we have the weekly oil inventories scheduled for release tomorrow.

Market News

1. In the US yesterday, Exxon Mobil reported Q4 numbers that topped expectations, despite reporting a 23% fall in net income
2. BP fell in early trade as they missed analyst's expectations. The oil major reported lower-than-forecast 33% rise in Q4 profits
3. The Venezuelan energy and oil minister is in China, looking to push Chinese investment in to their heavy crude reserves
4. The RBA surprisingly kept Aussie interest Rates unchanged at 3.75% following three successive rate hikes
5. Please be aware that the weekly inventories are scheduled for release tomorrow

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