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Tuesday, December 30, 2008

BetOnMarkets Morning Report

The FTSE is currently indicating a higher opening, as traders hope that the equity market surge that started in Asia spills over into UK. Early indications show that energy stocks will get the strongest boost on the FTSE, as oil prices continue to push higher in early trade. Since there will not be any economic data today, the FTSE is most likely to spend the day in positive territory.

Oil prices got a boost today, after OPEC announced that they are planning another production cut early in the New Year. The organization is hoping to boost the price of oil back above the 60 dollars per barrel mark. We expect oil prices to continue to rise moderately probably ending the week around the 45 dollar level.