Oil prices fall to two-week low
Crude oil prices have fallen to two-week lows as the focus on global demand takes centre stage once more.
Brent crude dipped to $42.10 with WTI down to $36.40.
Reports from the OECD pointing to a "deep slowdown" for the worlds largest economies exacerbated the impact of the poor US data released last week.
Furthermore, the removal of the Russian-Ukraine dispute as a bullish factor helped fuel the slide in prices.
News that Saudi Arabia has reduced production beyond its agreed cuts failed to arrest the decline and, even in the face of compliance by OPEC members with Decembers new quotas, oil prices look vulnerable to further falls in the next few sessions.
This may prompt the cartel to consider further reductions in an effort to shore up prices in the face of a threatened move to the $35/bbl level (Brent).
Today's action will once more focus on economic activity with little on the board to add any upward impetus.
