Following on from yesterday's jump in oil prices following the Euro bailout, a dose of scepticism has swept markets, with the Euro pulling back, and hitting investor confidence once again. Having traded at 18 month highs of $87 last week, we are now closer to the $76 level, so now we await tonight's API data, and tomorrows more widely watched EIA inventories.

Market News

1. Libya's officials commented that they would call for an emergency OPEC meeting should oil fall to $60 per barrel
2. Moodys Investor Services announced that they may still downgrade Portugal, and could further lower Greece to junk status
3. The rate of inflation accelerated in China during April as consumer and producer prices beat estimates
4. Fed members Lockhart and Plosser are both scheduled to be speaking in Atlanta this afternoon

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