Oil continued to trade above $80 following yesterday's weekly inventories. Data showed that crude inventories grew, but analysts are now concerned that as the economic stimulus plans expire, we may see demand falling. Last night's Chinese CPI data came in at 2.7% sparking inflationary fears.

Market News

1. OPEC raised their global consumption expectations for 2010, and raised their output productions by 190,000 barrels to 28.94mn bpd.
2. Shell have confirmed that they have ceased selling gasoline to Iran
3. BP have agreed to buy Devon Energy Corp in a $7bn deal
4. The rate of unemployment rose to 5.3% in Australia, missing estimates. Analysts had expected 15,000 jobs to be created, but it came it at 400
5. Japan revised Q4 GDP showed that their economy expanded by 0.9% as opposed to the reported 1.1%
6. EU Ministers are scheduled to meet on March 16th to discuss the Greek debt issue

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