Crude continued to trade in and above the $80 level as yesterdays initial jobless data showed claims falling in the US. Optimists will see this as a precursor to a positive non farm payroll figure later on in the session, which will increase confidence that the global recovery ins well in swing.

Market News

1. Both the ECB and MPC left interest rates unchanged in the Eurozone and the UK respectively yesterday
2. The Greeks stated that they had substantial interest in their new 10 year euro denominated bond, and their 5 year bond is 3 times oversubscribed
3. Speculation in the Japanese press that the Bank of Japan might ease monetary policies in order to keep money flowing through their economy
4. Analysts expect unemployment to rise to 9.8% in the US from 9.7%, but it may be pertinent to eye average hourly earnings
   

ODL Securities Limited is authorised and regulated by the Financial Service Authority. Member of the London Stock Exchange. Member of Euronext.LIFFE. This email does not have any contractual effect; however, trading spot oil contracts or foreign exchange (forex or FX) carries a high level of risk to your capital. Only speculate with money you can afford to lose. Spot oil & FX may not be suitable for all investors therefore ensure you fully understand the risks involved. Do not invest in spot oil, forex or derivatives with money you cannot afford to lose. An investment in spot oil, forex and derivatives carries a high degree of risk to the investor and due to fluctuations in value the investor may not get back the amount invested. With certain transactions clients might not only lose their initial investment but may incur a liability to pay further unspecified amounts at a later date.