Quick Overview

• OPEC couldn't agree on an increase in production quotas.

• (FT) BP statistical review of world energy shows China accounted for 20.3%t of consumption, surpassing the US on 19%.

• (MW)The Federal Reserve's latest survey of economic conditions throughout the country found slower growth in many regions. Fed banks in Philadelphia, Atlanta, New York and Chicago all reported a downshift in activity. Only the Dallas Fed reported accelerated growth.

• (FT) Dry weather across northern Europe has raised concerns among commodity traders of a crop failure similar to last year's devastating losses in Russia.

• (Bloomberg) -- Wet weather that delayed corn planting in the U.S., the world’s largest exporter, may send global inventories to their lowest in 37 years.

• With few options at hand and his poll numbers sagging, President Barack Obama expressed concern yesterday about the sudden slowdown in the economy but said he was not worried about a second recession and America should "not panic". He’s contemplating a payroll tax break for employers.