Crude oil futures prices continued to slide Tuesday after a steep drop on Friday, as commodities futures markets traders prepare for the conclusion of this week’s OPEC meeting, to be held tomorrow night. Late last week, crude oil futures prices plunged after reports that Saudi Arabia is not expecting a final decision on supply management as a result of the OPEC meeting.
Analysts have said that the meeting may produce an accord to freeze or reduce output levels, eyeing statements that Saudi Arabia will freeze production at January 2016 levels
The November contract in crude oil futures was down nearly 3 percent at 44.59 in mid-morning trading on Tuesday. Also weighing on crude oil futures prices is news that Goldman Sachs cut its oil forecast for the rest of 2016, warning that supplies will continue to outstrip demand regardless of what happens in Algiers this week
In other fundamental events, commodities futures markets and equity market analysts declared Hillary Clinton the winner of the first Presidential debate held ahead of the November election. U.S. stock index futures erased losses to trade positive as the debate kicked off. Futures were near session highs as the debate ended, with Dow futures briefly adding more than 100 points. Mexican peso futures recently hit all-time lows against U.S. dollar index futures as Trump appeared to gain momentum in election polls.
In Tuesday’s economic data, the Consumer Confidence Index hit 104.1 in September, The Conference Board said on Tuesday. Economists expected the Consumer Confidence Index to hit 99.0 in September, down from August's revised reading of 101.8.
The remainder of the U.S. economic calendar brings August Durable Goods Orders to the commodities futures markets on Wednesday, as well as Weekly Crude Oil Inventories. Thursday’s data includes the Third Estimate of the Second-Quarter GDP, as well as Weekly Jobless Claims and Natural Gas Inventories. The August report for International Trade in Goods and Pending Home Sales for the same month are also due.
On Friday, the August Personal Income and Spending report is due. The Chicago Purchasing Managers Index for September is also on the list, as well the Michigan Consumer Sentiment Index for the same month.