Oil prices are holding steady but are set for a third straight week of losses. Fears of a weakening U.S. economy and slowing Chinese demand have caused dramatic drops.
Oil prices dropped on concerns of an economic slowdown and a stronger dollar, outweighing hopes of higher Chinese demand and lower US crude stocks. US consumer confidence also fell to a nine-month low, stoking fears of a potential banking crisis. Investors remain wary of possible interest rate hikes and weak refining margins globally, which could dent energy demand.
Wall Street subdued as investors brace for a week of high-profile earnings and economic data. Megacaps weigh on Nasdaq, while US Treasury yields dip. European stocks are unchanged, and the greenback weakens as crude prices seesaw. Gold edges higher ahead of major economic data affecting Federal Reserve decision making.
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