Wall Street was mostly in the red zone on Monday’s closing bell as investors were waiting for news from the upcoming Fed meeting and the upcoming earnings reports season.
The Dow Jones industrial average lost as much as 66.90 points and finished at 21,513.17. The S&P 500 was also painted in red; it closed 0.11 percent lower at 2,469.91. The NASDAQ, however, was an exception. It settled 0.36 percent higher closing at 6,410.81.
Oil futures were up again on Tuesday following the news that OPEC pushed through capping the oil production in Saudi Arabia and Nigeria. The Saudis promised to curb exports in an attempt to reduce the already bloated market. Its Minister of Energy, Khalidal-Falih, express strong willingness to restrain Saudi’s oil exports by 6.6 million bpd this August.
OPEC-led deal, which also includes Russia, obligates producers to reduce production by as much as 1.8 barrels per day from the beginning of 2017 until the second quarter of 2018. Although Nigeria is exempt from this deal, it was agreed that it would be part of the pact by trimming its output.
As to exact prices, U.S. West Texas Intermediate crude added more than 10 cents to its value and finished at $46.44 per barrel. Brent crude futures for September delivery rose by 7 cents to trade at $48.67 per barrel. Brent advanced by 1.1 percent or 54 cents compared to the previous session.