U.S. stocks are under pressure in early trading on Tuesday and crude oil is declining over 2 percent, accelerating its move lower from a 3 month high last Wednesday that occurred after a Reuters report indicated that a meeting between OPEC and non-OPEC members was unlikely to occur on March 20th.
The market was hoping that a deal would be reached between OPEC and non-OPEC countries.
Currently NYMEX (April futures contract) is down -1.00 or 2.80 percent at $36.11 a barrel and Brent Crude is down 1.10 or 2.78 percent with a price at $38.44 a barrel.
During the past month, Iran’s Oil Minister Bijan Zangeneh has hosted meetings and engaged in diplomacy efforts between four other oil ministers, including Saudi Arabia, Iraq, Venezuela, Qatar following a February 17th meeting that aimed to freeze crude oil production at January levels to help bring stability to the oil market.
On Monday WTI (NYMEX) dropped over 3 percent and Brent crude fell over 2 percent following news that Iran’s Oil Minister Bijan Zangeneh wouldn’t go along with a proposed output freeze along with other nations.
Fed Reserve’s 2 Day Meeting Begins Today
Today Fed Committee members will begin their 2 day FOMC meeting and discuss an interest rate hike with the federal funds rate which remains at .50 percent.
U.S. Primaries In 5 U.S. States
Today 5 U.S. states including Florida, Ohio, Illinois, North Carolina, and Missouri will hold nominating presidential contests in both Democratic and Republican.
There are 358 delegates up for grabs on the Republican side and 691 on the Democratic side.
Currently, Donald Trump leads in the delegate count on the Republican side by 90 delegates with 460, followed by Cruz at 370 and Kasich at 63.
Clinton leads by 655 delegates and has 1,231 delegates compared to Sanders’ 576.
On March 22nd Arizona and Utah will hold primaries for both parties.
Idaho will also hold a primary for Democrats on March 22nd.