The price of oil stayed above the $80 level as data showed that net long positions are at their highest levels since January. The catalysts for the moves up are a weaker dollar, political unrest in Nigeria, and Chinese intention to build up oil reserves. No that oil has traded above, and more importantly stayed above, the 80 level, it will now be interesting to note if we can continue the move north.

Market News

1. BP are facing a $3mn fine over safety issues at an oil refinery in Ohio
2. Australian business confidence matched a seven year high according to National Australia Bank
3. Today's Financial Times reports that China will keep buying US debt
4. The Greek Prime Minister warned last night that if the Greek crisis worsened, it could lead to a new financial meltdown
5. Please note that we have the weekly oil inventories tomorrow

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