Oil prices fall further

Oil prices fell again yesterday and have slipped further overnight. Brent crude is now trading at a little over $30 p/b, down almost $7 (or c.18%) since the end of 2015

European stocks ended lower for a fourth consecutive session, although losses were modest, while a late rally helped US equity markets finish  in (marginally) positive territory

The euro is not much changed, trading at around $1.09 and 75p against the dollar and sterling respectively

Fed members Lockhart and Kaplan indicate interest rates to remain unchanged at this month’s meeting, but say March is a ‘live meeting’ regarding the next hike

 ECB member Villeroy says central bank has the ‘tools and capacity’ to take further policy action if needed, acknowledging that inflation remains ‘too low’

Data due today includes UK industrial production