Oil Remains Firm but Gains Capped

Oil prices remained strong but gains were limited as the 'post-earthquake' Tankan survey released by the BOJ showed a slide in business confidence for the second quarter. Economists said the report does not reflect how bad the sentiment is and which will be reflected in GDP contraction in 1Q11 and 2Q11. The front-month contract for WTI crude oil prices climbed to a fresh 30-month high of 108.74 earlier in the day. The contract settled at 107.94 last Friday. The equivalent contract for Brent crude also strengthened and attempted to test 120.

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Oil Remains Firm but Gains Capped