Today

The U.S. Department of Energy said that crude supplies were up 2.4 million barrels last week to 299.4 million barrels. . Crude stocks at the same time in 2004 were 275.7 million barrels.

Acting Secretary-General Adnan Shihab-Eldin has said OPEC saw a growing consensus that a $40-50 range was sustainable, backing up comments by Saudi Oil Minister Ali al-Naimi last week that prices could stay in that range this year.

India hikes rail freight to curb iron-ore exportsChina sourced more than 5 million tonnes of ore from India in January, a 46 percent increase on last year. India is China's second largest exporter of ore after Australia, according to official custom's figures

The DoE said that unleaded supplies were up 1.0 million barrels.

The DoE said that heating oil supplies fell 900,000 barrels. Supplies of distillates, which include heating oil, were lower by 1.8 million barrels.

U.S. refineries were not as active last week - the utilization rate dropping down to 89.3%.

Federal District Court Judge Richard Cebull, Wednesday granted a preliminary injunction against the U.S. Department of Agriculture's final rule that would have allowed the imports of Canadian live cattle younger than 30 months old as of Monday, March 7.

Greenspan told the House Budget Committee that the U.S. economy is growing at a moderate pace, however Congress needs to restrain the growth of federal spending. This provided a "pleasant diversion" for bullish-minded traders, said Jason Leander, a senior market strategist with Lind-Waldock. This happy event was however erased later in the day by a solid rise in crude-oil futures.

Layoffs at U.S. corporations jumped 17 percent in February to 108,387, boosted by increased merger and acquisition activity, international outplacement firm Challenger Gray & Christmas reported Wednesday.

July soybeans were up 14.75 cents at $6.322, the highest close in six months, continuing to gain on South America's dry weather conditions. Private weather forecasters are pushing rain back in southern Brazil by 24 to 48 hours from prior forecasts.

In Sao Paulo, where 80% of Brazil's orange crop is grown, conditions are dry and in need of rain.

Retail sales in Germany were up 2.1% in January, stronger than expected. YoY retail sales were down 0.4%.

Australia's GDP was up 0.1% in the fourth quarter of 2004 and up 1.5% YoY.