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Wall Street Preview: Crude Oil Stabilizes

Wall Street Preview: Crude Oil Stabilizes

U.S. stock futures were mostly lower on Friday, though just barely as crude oil prices stabilized and traders looked ahead to the long holiday weekend.

Crude oil prices rebounded on Friday morning after settling at a one-week low a day earlier. West Texas Intermediate had barrelled below $50 a barrel on Thursday after an extension to a global output agreement disappointed investors looking for more. The Organization of Petroleum Exporting Countries agreed on a nine-month extension to a production cut agreement at a meeting in Vienna on Thursday. The original agreement was set to expire at the end of June.

Investors had widely accepted an extension to the current deal and had hoped for further action to balance global oil markets.

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This article was written by a staff member of TheStreet.