Asian and European shares are trading lower on Wednesday although crude oil is making some gains after selling off this week following news about lowered expectations for production cuts between OPEC and non-OPEC states to resolve a glut in global oil.
A news report from Shana news in Iran also hit the wires that quoted the managing director of the National Iranian Oil Company who said Iran is targeting exports of 2.3 million barrels of oil per day for next year beginning on March 21st and that level was placed in a draft budget bill.
On Tuesday Brent Crude closed its session down 4.4 percent while WTI tumbled over 5.3 percent to under $30.oo a barrel.
Hawkish comments from Kansas City Fed President Esther George added to the selling pressure on Tuesday that saw the Dow Jones losing -295 points (- 1.79 percent) and the Nasdaq down -103 or -2.24 percent.
Today WTI is rebounding and is up .25 or .80 percent to $30.11 a barrel.
Later this morning, new January job figures from private payroll processor ADP will weigh on the U.S. market ahead of Friday’s closely watched U.S. non-farm payroll report.