Oil rose for the fourth consecutive session, closing out the month nearly three per cent higher. As we trade over the $85 level, the oil spill in the Gulf of Mexico will dominate oil headlines this week. The impact of the spill will have an economic impact in the Southern states, and traders will be monitoring the affects any closures may have on supply.

Market News

1. Chancellor Merkel's Cabinet approved legislation to give Greece E22.4bn of aid over three years
2. The Reserve Bank of Australia raised their interest rates by 25 basis points to 4.5% last night, in line with expectations
3. Currency traders should note that there is a raft of data this week. Euro watchers should note that the ECB are scheduled to announce their Interest Rate decision on Thursday, Sterling traders should note that the UK election will be held on Thursday, and USD watchers should be aware that non-farm payroll figures are scheduled to be released on Friday

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