Ahead of today's weekly inventories, traders appear to have taken some of the recent profits off the table, albeit we remain above the $80 mark. A spate of violent outbreaks in Nigeria has helped to increase concerns about supply from the African nation, but despite demand remaining sluggish, oil has rallied sharply over the past few weeks.

Market News

1. The US Dollar stabilised as investors fled the Euro and Sterling following destabilising comments from Fitch and Moodys
2. Westpac have stated that they believe that Australian consumer confidence may decline in the future
3. Data released this morning showed German consumer prices rose by 0.4% in February, higher than the originally reported 0.2%
4. Iranian Oil Minister has said that they will lend their expertise to Zimbabwe for refurbishing refineries

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.