WTI Drops as US Proffers to Remove Iran Sanctions | US Durable-Goods Orders Increase by 0.2%
Published September 27, 2019
Iranian President Rouhani stated this morning that the US offered to remove all sanctions on Iran in exchange for negotiations. WTI crude futures dropped 2.6% to $54.98 following this report, along with Brent crude futures falling 2.3% to $60.30.
The European Union’s monthly economic sentiment indicator dropped to its lowest level since 2015, with the industrial confidence sub-index plumbing a six-year trough. A slowdown in Germany continues to be one of the biggest drivers of the deteriorating performance, with economists forecasting that the region’s largest economy is already in a recession.
US orders for long-lasting or durable goods rose slightly in August, but the increase was largely military-related and unlikely to continue long term. Demand was weak in most key industrial segments with key measures of business investment also falling for the second month in a row, reflecting business worries over the trade war with China and a slowing US economy. Durable-goods orders increased 0.2% last month.