Oil prices again declined today, due to the dull global demand outlook; however, any further declines were restricted on the expectation that global stimulus measures will boost oil demand.
Brent crude slipped by 26 cents to $103.55 a barrel, while US crude dropped by 22 cents to $94.28 a barrel, reported Reuters.
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On Tuesday, the US Federal Reserve will begin a two-day meeting to decide on whether it will withdraw from its existing buying of $85bn of debt a month.
In Europe, confidence in the eurozone‘s economy declined further in April, which strengthened the European Central Bank’s (ECB) case for a cut in interest rates this week.
The eurozone is currently passing through a tough road out of recession and has seen fading confidence among companies and consumers since March, after turmoil in Cyprus and Italy disrupted a positive start to the year.
Investors are now expected to keep a close watch on this week’s data from China, which may show manufacturing activity expanded in April at its fastest pace for 12 months.
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By GlobalDataEarlier, a survey conducted by HSBC showed that activity in China’s industrial sector dropped in April as new export orders contracted.
Image: The US Federal Reserve will meet to discuss whether to scale back from its existing purchasing of $85bn of debt a month. Photo courtesy of AgnosticPreachersKid.
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