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Oil Prices Fall Again Ahead of OPEC Monthly Report on Oil Production

The oil slump continues this morning.
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The oil slump continues this morning. OPEC will issue its monthly report today on oil production. Oil prices had been higher earlier in the session after the U.S. government said crude stockpiles fell by more than expected last week, but market optimism was overshadowed by significant growth in distillate inventories. Chevron (CHV) says it will reduce its capital spending by 24% next year. Like other major oil companies, Chevron has been cutting costs and capital spending plans in response to the downturn in crude oil prices. Chairman and CEO John Watson said the 2016 capital spending plan will allow the company to complete and step up projects that are under construction and 'fund high return, short-cycle investments while preserving options for long-cycle programs.'Walmart (WMT) is debuting its own mobile pay system. Called Walmart pay, the retailer's mobile app will allow shoppes to use their Android or iPhone smartphones for purchases in Walmart stores.

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