Tuesday, 2 August 2016

Stocks fall with oil in bear market

Stock markets mostly fell on Monday.

The S&P 500 fell 0.1 percent and the STOXX Europe 600 fell 0.6 percent.

However, the Nikkei 225 rose 0.4 percent.

In the US, stocks were dragged down by a fall in oil prices. West Texas Intermediate crude fell 3.7 percent, leaving it down 21.8 percent from a 52-week high hit in early June and putting it in a bear market.

In a note on Monday, analysts at Tradition Energy wrote that traders are focusing on “near glut levels of supply”. Reuters reported on Friday that OPEC's oil output in July likely reached its highest in recent history.

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