Oil Prices Fall Again As Iran Fails To Join The Freeze
By Matt Smith
OilPrice.com
Tue, 23 February 2016
One hundred and twenty years after the Tootsie Roll was introduced by Leo Hirshfield, and markets are coming unstuck after yesterday’s sugar high.
The April contract rolls onto the board for WTI, with focus once more on the mumblings and rumblings coming out of Ceraweek in Houston, and the appearance of Saudi oil minister Ali al-Naimi today. We get the API report this afternoon to mix things up ahead of tomorrow’s weekly EIA data, while we have already had a number of economic releases out from Europe to weigh up.
German economic growth for Q4 of last year was in line with consensus at +0.3 percent QoQ (+2.1 percent YoY), while German business confidence was better than expected for current conditions, but downbeat for the next six months. This was hot on the heels of a weak manufacturing print yesterday, stoking some concerns about the health of Europe’s leading economy.
While some nations try to stave off deflationary conditions, Brazil has sees its mid-month CPI climb to a new 12-year high at 10.84 percent YoY. We have had the big bad daddio of housing data out in the US today, the S&P Case Shiller, which showed house prices ticked higher by 5.7 percent YoY in December, a tick below consensus.
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