U.S. stock futures rose Thursday but European shares fluctuated after global oil prices turned sharply lower, reversing solid early gains, after Saudi Arabia's oil minister appeared to rule out deeper production cuts from OPEC in any extension of a prior agreement that has kept 1.8 million barrels of oil from the market each day.
Speaking to reporters during the meeting of members of the Organization of Petroleum Exporting Countries, along with 11 other non-cartel participants such as Russia, Saudi Arabia's Oil Minister Khalid Al-Falih said deeper cuts weren't necessary and that the global market could re-balance to its five-year average if the current agreement is extended for a further nine months.
West Texas Intermediate crude futures declined 2% to $50.34 a barrel. Contracts for Brent crude, the global benchmark, fell 1.6% to $53.08 a barrel.
In the U.S. on Thursday, the economic calendar includes weekly Jobless Claims at 8:30 a.m. EDT, and International Trade in Goods for April at 8:30 a.m.
This article was written by a staff member of TheStreet.