U.S. Futures Fluctuate; Oil Jumps on OPEC+ Dispute: Markets Wrap

WTI trades above $76 as OPEC+ abandons meeting on output plans
U.S. equity futures reverse earlier gains, falling into red

WATCH: AMP Capital’s Shane Oliver says Fed tapering could start by year end or early 2022.Source: Bloomberg

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By Andreea Papuc and Srinivasan Sivabalan

July 4, 2021 at 10:04 PM UTC

Updated on

July 5, 2021 at 8:47 PM UTC

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U.S. equity-index futures fluctuated between gains and losses, as crude oil surged above $76 per barrel and investors weighed the potential for a more hawkish tilt at the Federal Reserve and worsening OPEC+ tensions over oil production.

Contracts on the S&P 500 Index ended little-changed after the benchmark index notched up another record on Friday. West Texas Intermediate crude rose for the fourth time in five days after the oil-exporters club called off another meeting to discuss United Arab Emirates’ opposition to an extension of output increase. News related to corporate deals buoyed European stocks.