The United States market operates with a mixed trend this Monday before OPEC’s announcements regarding the reduction in oil production. The Dow Jones is up and the Nasdaq and S&P 500 are down.
Wall Street, the New York Stock Exchange, the odd week begins this Monday, due to the concern generated by the increase in oil prices, which poses a new threat to the US economy and possible changes in forward rate policy.
After the first operations, the industrial index Dow Jones, advances 0.36%, but, the technological Nasdaq yields 0.62% and the expanded index S&P 500 -of the largest 500 companies on the stock market- registers a marginal fall of 0.08%.
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In the session on Friday, Wall Street had closed in the green, with the Nasdaq advancing 1.74% to 12,221.91 points, the Dow Jones, with a gain of 1.26% to 33,274.15 units, and the S&P 500 had risen 1, 44% to 4,109.31.
However, oil prices rose sharply on Monday after several key players in the market, such as Saudi Arabia, Iraq and Russia, announced a cut in their production as a “precautionary measure” after the recent fall in prices.
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During the day, both the barrel of Brent from the North Sea as the WTI rise above 5%as a consequence of the production cuts announced on Sunday by Iraq, Algeria, Saudi Arabia, the United Arab Emirates, Oman, Kazakhstan and Kuwait.
This will come into force in May and will continue until the end of the year and, in total, implies a drop in pumping of one million barrels per day.
Source: Ambito
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