The currency is down 0.2% at 1.2933 against the dollar as of 7:33 a.m. ET — not that far off of the post-Brexit low of 1.2798.
Saudi Arabia has offered to reduce production to January levels, according to Algeria’s Energy Minister. That would remove about half of the kingdom’s 1 million barrel-a-day increase in output since it led the Organization of Petroleum Exporting Countries’ push to defend market share in 2014. While Iran was said to reject the Saudi offer, the chance of the group eventually taking action is growing, said consultant JBC Energy GmbH.
The Dow Jones Industrial Average slid 109 points, or 0.6%, to 18152 shortly after the opening bell. The S&P 500 fell 0.5%, and the Nasdaq Composite dropped 0.7%.
- USDJPY: 100.35
- EURUSD: 1.1254
- S&P 500: 2,151.80
- NASDAQ : 5,268.57