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[sludgehound]

Petrobras cuts Brent forecast for 2015 and 2016 to USD 54/bbl and USD 55/bbl respectively

UWTI up $0.04 past 2 hours. EIA # gave oil a shake yest but it hung on.

Petrobras above just news. If oil were to hang there it's still a tough call for Fed.
I mean it would certainly take large wage increases to trigger inflation start, no runaway for sure.
Low oil, low inflation. No Social Security raise once again for only maybe the third such time.
In theory $100 barrel would be bullish since powers that be would be figuring economy strong enough to handle it. But not a rational market right now with Russia & Saudis in price proxy war.
Read something like half of Russian revs comes from gas & oil which explains their moves in Mid East. It's matter of life and death for them.
Good for US if they play the Enforcer role instead of the US make nice policy that gets no respect.