Weak Economic Data Hamstrings Oil Rally (2)

Economic NewsA country’s economy is said to be in a recession when the GDP, or Gross Domestic Product, falls below 5-10 percent, lasting for two or more quarters consecutively. Premise, one of Fast Company’s 50 most innovative companies of 2015 , will receive $35 million of its new funding from Valor Equity Partners, the same folks who helped get Elon Musk’s Tesla and SpaceX off the ground. Data obtained from global energy information providers, revealed that Nigeria is currently recording supply glut in the sales of its crude, as buyers seem to prefer other competing grades from other countries.

Specifically, a Reuters data indicated that Nigeria had been only able to get buyers for 22 of its 62 December 2015 loading cargoes, leaving around 40 cargoes of nearly every grade of its crude still unsold. However, some traders are of the view that refinery margins remained positive still, with gasoline demand in Nigeria itself helping to support European and United States’ refining margins, and buyers in California and Asia also keen to import more gasoline. The good news is, it forces you to be creative and find ways to get free publicity.

Crude oil futures lost ground on Monday in early Asian trading, as the global supply surplus pressured prices, but a cut in the number of US oil rigs for an 11th week in the last 12 limited the falls. A top Fed official said on Saturday that there is a strong case” for raising interest rates when Federal Reserve policymakers meet next month, as long as U.S. economic data does not disappoint.Economic News

As part of the Israel’s efforts to promote entrepreneurship in minority sectors and to transform them to an integral part of the Israeli innovation scene, the second hi-tech conference for minorities will be held on September 10, 2015. Marriott slipped $0.75 to $71.99 and Starwood Hotels dropped $3.74 to $71.25 following news that Marriott will acquire Starwood Hotels in a cash and equity deal valued at $12.2 billion.

October Consumer Prices to be released at 8:30 AM EST on Monday is expected to increase 0.2% versus a decline of 0.2% in September. Excluding Food and Energy, October Consumer Prices are expected to increase 0.2% versus a gain of 0.2% in September. October Industrial Production to be released at 9:15 AM EST on Tuesday is expected to increase 0.1% versus a 0.2% decline in September. October Housing Starts to be released at 8:30 AM EST on Wednesday is expected to slip to 1,173,000 units from 1,206,000 units in September.

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