Crude oil prices fell on Monday, as rising jitters from the European debt crisis and the outlook for growth in Europe weighed down on oil prices, where pessimism soon dominated markets after industrial production data from Europe showed contraction, which raised concerns over the outlook for demand for oil from Europe.
Moreover, jitters from the European debt crisis continued to dominate markets, despite some relief in markets after the announcement of the resignation of Italian Prime Minister Berlusconi, whom will be replaced by former EU Commissioner Mario Monti, yet traders were still worried after Italy offered 3 billion euros in 5-year bonds, as yields on Italian bonds hit a euro zone era record.
Traders will continue to monitor the developments from Europe regarding the debt crisis. Moreover, traders will be eyeing data from the U.S. retail and manufacturing sectors. But overall, we should expect Europe to continue to dominate sentiment in markets.
Tuesday November 15:
The U.S. economy will start the data at 13:30 GMT with the Producer Price Index for October which is expected with 0.1% drop after 0.8% rise and on the year to ease to 6.3% from 6.9%. Excluding food and energy it is expected with 0.1% rise from 0.2% and on the year to rise to 2.9% from 2.5%.
Also at the same time we have the Retail Sales Index for October which is expected to slow with 0.3% gain after 1.1% surge and excluding autos to rise 0.2% after 0.6% rise in September.
As for the Empire Manufacturing Index for November it is expected to ease the contraction to -2.30 from -8.48.
At 15:00 GMT the Business Inventories for September are due and expected to slow to 0.2% from 0.5% previous rise.
Originally postedhere
