In the afternoon traders will be paying attention to the US consumer confidence report, which could have the possibility to lift the world wide equity markets out of the recent funk.
Oil has hit a 17 month low, on speculations that the global financial crisis may slash fuel demand. Oil is down more then 56% since its July 11th peak and it seems that prices are heading lower after OPEC cut oil demand projections for 2009. It seems that the traders that used oil as a hedge against the US economy are now feeling the pain having overlooked the fact that with the world being interconnected, a slowdown in US means a slowdown everywhere else.
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