2. China's consumer price inflation decelerated to just 1.3 per cent year-on-year last month, the slowest rate since May. On a month-to-month basis inflation fell by 0.3 per cent, the first negative reading since May.
3. Next year, crude from Libya--which experienced major problems exporting its oil in 2013 because of internal disputes--could flow again. Iraqi output also is set to increase. Even Iran, shut out of global markets for years, could return if an agreement is reached to relax sanctions aimed at curbing its nuclear development. All this could add as much as two million to three million barrels a day of Middle East output.