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 the ADP Employment figures.

Market News

1. Standard and Poors expect the price of oil to average $75 this year
2. Goldman Sachs reported that 'macroeconomic concerns have kept oil below $80'
3. A senior Gulf official believes that OPEC will leave output quotas unchanged at their next meeting on March 17th
4. The Bank of Canada kept interest rates at 0.25% and confirmed that they would leave rates unchanged until June
5. Please note that we see ADP Employment data being released in the US at 1315 this afternoon

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