Oil turns negative on U.S. stock market weakness
By Scott DiSavino NEW YORK (Reuters) - Oil prices turned negative on Wednesday, following U.S. stock markets down, on concerns about global economic weakness, forecasts for record U.S. shale production and lower U.S.
By Scott DiSavino
NEW YORK (Reuters) - Oil prices turned negative on Wednesday, following U.S. stock markets down, on concerns about global economic weakness, forecasts for record U.S. shale production and lower U.S. gasoline prices.
Brent futures were down $1.07, or 1.7 percent, at $60.43 a barrel by 11:58 a.m. EST (1658 GMT), while U.S. West Texas Intermediate crude fell 99 cents, or 1.9 percent, to $52.02 per barrel.
"Today's trade is extending a daily pattern of oil moving in close tandem with swings in the equities," Jim Ritterbusch, president of Ritterbusch and Associates in Chicago, said in a report.
The Dow Jones Industrial Average turned negative around midday Wednesday after rising about 1.2 percent earlier in the day.
Ritterbusch said he expects "the energy complex will prove more reactive to large equity sell-offs than to rallies as this month proceeds."
(Additional reporting by Noah Browning in London and Henning Gloystein in Singapore; Editing by Marguerita Choy and Alexandra Hudson)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
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