Doha: No Deal on Production Freeze, Oil Prices Tumble

UK construction output fell 0.30% in February, compared to the 0.40% decline in January, data from the Office for National Statistics showed on Friday. Analysts were expecting to see no change during the month. On a year over year basis, construction output increased 0.30% in February, recovering from the 0.90% decline seen at the start of the year. Analysts were however hoping to see a 0.70% increase. The declines were driven by a fall in public construction and infrastructure, both of which fell 1.80%, highlighting investors’ concerns over the upcoming EU “Brexit” referendum.

In a report released by the Federal Reserve on Friday, US industrial production posted a larger than expected drop, falling 0.60% in March, led by decreased output from mining and utilities. Analysts were expecting to see industrial production fall by 0.10%. March's slump in industrial production follows February's 0.50% decline. Mining output fell 2.90%, dropping even further than the 0.10% decline in February, while utilities output fell by 1.20% in March. Overall, mining production has declined for seven months in a row. In a separate report, US consumer sentiment data fell in April to 89.7 from March's 91.0, survey results from the University of Michigan reported on Friday. April's dip in consumer sentiment marks the fourth consecutive month of declines. The report also showed that the index for consumers' assessment of current economic conditions slipped to 105.4 in April, down from 105.6 in March.