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Crude prices fell about 2 percent, with U.S. crude hovering at
$30 per barrel after a record increase in U.S. stockpiles. [O/R]
Oil prices and the stock market have moved in lockstep for much
of the year as investors look at demand for energy for a bearing
on global economic health.
European stocks were also pushed back, while Asian shares
slipped from near three-week highs.
Oil prices rose more than 14 percent in the three days to
Thursday after a move by top exporters to freeze oil output at
January's levels. Iran endorsed the plan without commitment on
Wednesday.
That fueled a three-day on Wall Street as well, which snapped on
Thursday as oil prices fell on U.S. inventory data.
Adding to the pressure was disappointing holiday-quarter results
from Wal-Mart, the world's largest retailer.
Economic data is expected to show core consumer price index
(CPI) rose 0.2 percent in January. Core CPI, which excludes
volatile energy and food, is typically considered the U.S.
Federal Reserve's preferred metric to gauge inflation. The data
is due at 8:30 a.m. ET (1330 GMT).
Shares of Applied Materials <AMAT.O> were up 7 percent at $18.37
premarket after the chip equipment provider forecast
higher-than-expected quarterly profit and revenue.
(Reporting by Yashaswini Swamynathan and Abhiram Nandakumar in
Bengaluru; Editing by Savio D'Souza)
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