The move by OPEC+ nations is a potentially ominous sign for global inflation just days after a slowdown in U.S. price data had boosted market optimism. S&P 500 futures dipped 0.3%, while Nasdaq futures lost 0.4%.
Dollar gains as market trims outlook for lower Fed rates
Sunday's development comes a day before a virtual meeting of an OPEC+ ministerial panel, which includes Saudi Arabia and Russia, and which had been expected to stick to 2 million bpd of cuts already in place until the end of 2023. The surge in energy costs somewhat overshadowed Friday's slower reading for core U.S. inflation which had seen Wall Street end the month on a strong note.Nikkei futures were still pointing to opening gains, though they were off their highs.
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