Energy Action: Oil prices are higher, Energy Action: Oil prices are higher, with the front end Nymex futures trading at USD 27.16 per barrel, down from an earlier high of EUR 27.76. Producers are ready to work together, but suppliers won't make cuts unless there is complete cooperation United Arab Emirates Oil Minister Al Mazrouei said this week. And Russia's largest oil producer Rosnect OJSC said two days ago that it will defend traditional markets while expressing doubt over any coordinated action. Amid the speculation over coordinated supply cuts and growing concerns about world demand as growth forecasts are being revised down, volatility remains extremely high.
U.S. Retail Sales Preview U.S. Retail Sales Preview: January retail sales data is out Friday and should reveal a 0.1% (median 0.1%) headline increase for the month while the ex-autos aggregate remains unchanged. This comes on the heels of a 0.1% decline in both of these measures in January. Despite an increase in January auto sales the retail sales data faces numerous downside risks including weaker chain store sales and softer construction employment data which analysts discussed in Monday's commentary.