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Wednesday, December 31, 2008

BetOnMarkets Morning Report

The FTSE is currently indicating a higher opening, as traders hope to finish the year on a positive note. With no economical data releases today, we are likely to see trading limited to a small range. It is very likely that the FTSE will end this memorable year on a positive note.

Oil which is currently trading around the 39 dollars per barrel level, heading for a record annual drop, on speculation that U.S. fuel stockpiles are increasing as the recession cuts demand. While OPEC has announced that they will be cutting supplies aggressively, traders are taking the wait and see approach. The price of oil will probably stay in a tight range today.