Oil Slumps on OPEC Bumper Supply Increase – Europe Market Wrap

The dollar weakened and US equity-index futures dropped, threatening to end the S&P 500’s longest winning streak in two decades, as uncertainty about US trade policy hung over markets. Crude oil slumped after OPEC+ announced another supply increase.

A gauge of the greenback declined for a second day and contracts for the S&P 500 retreated 0.7% after President Donald Trump said he had no plans to talk to his Chinese counterpart this week, though he signaled trade deals with other unspecified partners could come soon.

Crude oil plunged as much as 5.1% in New York before paring the decline. Gold advanced, and Treasuries were steady.