United States IBD/TIPP Economic Optimism (MoM) in line with forecasts (47.8) in February

Oil fell around 4 percent today weighed by rising glut concerns as well as weak global economic outlook. Oil received a further blow as hopes for a deal between OPEC and Russia on output cuts dimmed. Weak economic data from China, Europe and the United States together with U.S. forecast for mild weather re-established that oil demand will likely stay low for some more time to come.