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“A low print here may be construed as a lack of growth or confidence so we should be wary,” said Jonathan Barratt, CEO, Barrattsbulletin.com, adding that such tame inflation data “could be countered by more stimulus.”
Oil prices stabilized in Asian trade with U.S. crude futures trading near $84.39 a barrel and London Brent crude for August delivery around $98.29.
China’s central bank last Thursday cut its key lending and deposit rates for the second time in less than a month. Although the European Central Bank and the Bank of England also eased monetary policy on the same day, the measure failed to convince commodity market investors and raised concerns policymakers were running out of options.
“Central bankers are running out of bullets,” said David Kotok, Chairman & Chief Investment Officer at Cumberland Advisors, who has a ‘neutral’ call on the oil market for this week.“Caution is the better part of valor in trying to call a change in trend this early, especially when global central bank intervention does very little to affect the markets, at least in the way they likely hoped,” said Kirk Howell, Chief Operating Officer of SunGard's Kiodex, who has a 'bearish' view this week.
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