Ole HansenOle Hansen , Head of Commodity Strategy, Saxo Bank
Denmark, 06 June 2012 at 08:22 GMT+0
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Crude oil trading higher on both sides of the Atlantic assisted by a weaker dollar, a larger than expected drop in US crude stocks (look out for EIA oil data today at 14:30 GMT) and a general recovery from very oversold levels. The market will also keep a close eye on todays ECB meeting although Mr Draghi is expected to keep the powder dry until after the Greek election. Following last Fridays weak employment report hopes have also been raised that the US Fed might step in once again and unleash a third round of quantitative easing. Look out for how Brent behaves around 100 as a move above could cause some phycological relief to suffering bulls.

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Saxo Bank provides an execution-only service. The material on this website does not contain (and should not be construed as containing) investment advice or an investment recommendation, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Saxo Bank accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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