U.S. crude production is at the highest level since 1986 and is on target to exceed 9 million barrels per day. Average price for Brent crude oil is expected to be about $18 a barrel lower next year than previously forecast."
The dollar strengthened to a 14-month high and commodities declined to the lowest level in five years after data added to evidence China’s economy is slowing. Russia’s ruble weakened to a record after the European Union and U.S. imposed new economic sanctions.
A group of 10 nations met on the sidelines of a NATO summit to discuss how to combat Islamic State, as U.S. Secretary of State John Kerry vowed to eradicate the radical group that controls swathes of Syria and Iraq.
The star player today may indeed be European Central Bank chief Mario Draghi as he has teased the market about moving to a form of Quantitative Easing yet few believe that he will actually go there today.
U.S. stocks fluctuated after the Standard & Poor’s 500 Index had its best month since February, as investors awaited data estimated to show manufacturing in the world’s biggest economy continued to expand in August.