The price of oil rallied hard to trade over $77 as confidence returned to global markets. Positive housing data sparked a rally in the equity and commodity markets, so now we wait and see if the price of oil can re-test the $80 level. All eyes today will be on the ADP employment figures, scheduled for release at 1315, and the weekly oil inventories, scheduled for release at 1530.

Market News

1. Gazprom have abandoned plans to develop Iran's Azadegan oil fields
2. The UK's Ofgem have warned that the free markets may not deliver a secure energy supply
3. Please note that interest rate decisions are scheduled for the UK and the Eurozone tomorrow, and non-farm payroll figures on Friday

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