By: Kalyan Kumar
It was reflecting the Wall Street investors’ anxieties that surging oil prices in the aftermath of the attack on Saudi Arabia’s oil facilities will slow down global economic growth.
At 7 a.m. ET, the Dow futures hinted a negative open of more than 100 points. The futures on the S&P 500 and Nasdaq were also down.
Dow futures will be facing the first decline after a bull run of nine days. TOP ARTICLES2/5READ MOREMTA Invests $51 Billion To Improve New YorkTransportation System
President Donald Trump said the U.S. would use oil from its Strategic Petroleum Reserves to keep the market “well-supplied.”
Trump also warned that the United States was “locked and loaded” to respond to the attacks on Saudi oil plants.
Calling it the “largest supply shock ever” Bob Ryan, chief commodities strategist at BCA Research said the Saudi “attack could tighten the market significantly if the outage is indeed weeks and not days.”
No data releases are lined up for Monday.