Growing signs of weakness in the U.S. economy are helping keep oil prices under pressure even as tensions escalate across North Africa and the Middle East. U.S. manufacturers reported business activity contracted for the second month running in December, according to the Institute of Supply Management (ISM). The ISM’s composite manufacturing index was below 50 in both November and December 2015 for the first time since November 2012 and before that July 2009. The Institute contacts around 300 purchasing managers each month to enquire about changes at their firms in production, new orders, employment, inventories and the speed of supplier deliveries. The results are used to produce the purchasing managers’ index. In the past, index readings below 50 have generally been associated with a contraction in manufacturing activity ( tmsnrt.rs/1Rhzgry ). The index is strongly cyclical and not […]