Oil Prices Mixed On Global Economic Slowdown Fears

  1. Oil prices mixed

Oil prices were mixed on Wednesday amid prospects of a tighter U.S. crude supply and a slowdown in global economic growth. U.S. crude futures dropped $0.03 to $59.91 per barrel after rising 1.9% in the earlier session.

At around, 3:06 a.m. ET, International Brent crude oil futures were up $0.16, or 0.2%, to $68.13 per barrel. U.S. West Texas Intermediate crude futures fell $0.20, or 0.3%, to $59.74 a barrel.

At 10:30 a.m. ET, the U.S. Energy Information Administration (EIA) will publish its weekly oil supplies report for the week that ended on March 22. On average, analysts are expecting the EIA to announce that crude inventories dropped by 1.2 million barrels.

  1. U.S. stock futures look to open lower

U.S. stock futures look set to open lower on Wednesday under pressure from the yield on the benchmark 10-year Treasury note, which remained inverted. A gloomy speech from ECB President Mario Draghi as well as a decline in Chinese corporate profits also dampened investor sentiment.

At around 5:45 a.m., futures on the blue-chip Dow were down 42 points, or roughly 0.15%. Futures on the tech-heavy Nasdaq 100 were flat, while those on the S&P 500 fell 2 points, or about 0.1%.

  1. Pressure mounts on Theresa May to resign

Pressure is mounting on UK Prime Minister Theresa May to quit after failing to win approval for her Brexit deal. She is expected to lay out a timetable for her exit in a last attempt to win support for her twice-defeated deal.

On Monday night, the Prime Minister lost control of Brexit to the House of Commons. Lawmakers voted in favor of holding a series of indicative votes on alternative Brexit options today at 3:00 p.m.

They will vote on various alternative such as a deal including a customs union and single market membership, leaving the EU without a deal, revoking Article 50 and cancelling the Brexit process, or holding another referendum.

  1. Boeing meeting with airline executives, pilots, and regulators

Boeing executives are expected to meet with airline executives, regulators, and about 200 pilots to review proposed upgrades to the company’s 737 Max 8 plane. The meeting is scheduled to take place in Renton, Washington.

Boeing will try to use the session to rebuild its image after the 737 Max model was involved in two deadly crashed in a five-month span. Shares of the aerospace giant were little changed in pre-market trade.