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Futures Slip as Oil Loses Ground

U.S. stock futures declined on Tuesday morning with oil continuing to lose ground after Saudi Arabia abandoned its expected reduction in oil output. The Saudis previously hinted at an output reduction of one million barrels per day; a move that the OPEC+ members were expected to follow.

Contracts on the S&P 500 slipped by less than 0.1% during early trading, as did those on the tech-heavy Nasdaq Composite Index. Futures listed on the Dow Jones Industrial Average fell by 0.13%.

West Texas Intermediate crude futures slumped 2.5% to $70.36 per barrel after the Saudi’s planned production cut was dismissed. Brent futures fell 2.4% to $74.91 per barrel.

Bonds were also on the decline after the U.S. government issues a wave of Treasury bills as it rebuilds its cash reserves following the debt ceiling deal. The yield on the benchmark 10-year Treasury dropped to 3.66%, with the two-year note falling to 4.44%. The 30-year Treasury note was down to 3.87%. The U.S. dollar recovered slightly, with the dollar index rising to 104.13.

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