Press Review: Oil prices plunge again as UAE defends holding production

REUTERS

Oil prices plunge again as UAE defends holding production

(Reuters) - Oil prices continued their rout on Tuesday with Brentcrude and U.S. WTI both falling to their lowest in almost six years as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market.

Oil prices have fallen 60 percent from their 2014 peaks hit in June in a rout that has seen a collapse of more than 36 percent in the past seven weeks.

February Brent crude fell almost 5 percent to a low of $45.23 a barrel by 0730 GMT, the lowest since March 2009. U.S. crude for February was trading at $44.44 a barrel, its weakest since April 2009.

Source: http://www.reuters.com/article/2015/01/13/us-markets-oil-idUSKBN0KM0BT20150113

BLOOMBERG

ECB Warning to Greece Deploys Tactic Honed in Crisis

The European Central Bank is threatening to choke off funding to Greece's lenders in the hope it won't actually need to.

Parliamentary elections on Jan. 25 hinge on whether Greek voters are willing to accept a strings-attached successor to the country's international bailout package. Under President Mario Draghi, the Frankfurt-based ECB has made its position clear: No program means no guarantee of cash from us.

Source: http://www.bloomberg.com/news/2015-01-13/ecb-warning-to-greece-deploys-tactic-honed-in-crisis.html

BLOOMBERG

Pound Weakens as Inflation Weighs on U.K. Interest-Rate Outlook

The pound fell for the first time in five days versus the euro before a report economists said will show U.K. inflation slowed to below 1 percent last month for the first time since 2002.

Weakening price growth would add to data indicating the U.K. recovery is losing momentum and boost speculation that the Bank of England will keep interest rates at a record low. Consumer prices rose an annualized 0.7 percent in December after climbing at a 1 percent pace a month earlier, according to the median forecast of analysts in a Bloomberg News survey. A gauge of U.K. inflation expectations touched the lowest in more than two years.

Source: http://www.bloomberg.com/news/2015-01-13/pound-weakens-as-inflation-weighs-on-u-k-interest-rate-outlook.html