WTI crude oil extends the 8th day of rally above 80 on speculations for growth in energy demand as US weather remains below-normal.
The February contract surged to as high as 81.16, the highest level since October 26, in European session.
While macro-economic outlook and equity market performance will continue to play a role in driving crude oil price, a stronger emphasis will be placed on fundamentals this year than in 2009.
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Commodity Currencies Strengthen in Manufacturing Day
Commodity currencies take the lead in the first trading day of 2010 and rally broadly, with the help of firmness in crude oil and gold.
Dollar is a touch softer in early European session but remains in range against European majors.
Japanese yen tried to stage recovery earlier today on weakness in Asian stocks but fades as the day goes.
Manufacturing data will be the main focus today with finalized PMI manufacturing data from Eurozone, UK PMI manufacturing and US ISM manufacturing featured.
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Dollar is a touch softer in early European session but remains in range against European majors.
Japanese yen tried to stage recovery earlier today on weakness in Asian stocks but fades as the day goes.
Manufacturing data will be the main focus today with finalized PMI manufacturing data from Eurozone, UK PMI manufacturing and US ISM manufacturing featured.
Sent from my BlackBerry®
powered by Sinyal Kuat INDOSAT
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