WASHINGTON: U.S. stock index futures pointed to a mixed open on Wednesday, with investors keeping a close eye on moves in the oil market. Dow futures slipped 14 points, while S&P and Nasdaq futures fell 5 points and 14.25 points, respectively.
Crude prices tumbled more than 2 percent, sending energy stocks lower on Tuesday on signs of rising oil production. That raised doubts about the state of compliance by OPEC and non-OPEC countries when it came to slashing production. On Tuesday, Libya and Nigeria – who are both exempt from the production reduction deal – were reportedly seeing increases in their oil supplies. Prices remained under pressure on Wednesday, with U.S. crude trading around $43.50, while Brent hovered around $45.98 at 7:43 a.m. ET. Meanwhile politics is expected to be lurking at the back of investors’ minds, as the U.S. president is expected to hold a “Make America Great Again” rally in Iowa.
