U.S. stock futures were down slightly lower and global stocks slumped on Thursday, June 22, amid continued concerns over slumping oil prices.
Oil prices in the U.S. early Thursday were rising 0.8% to $42.87 a barrel, after falling on Wednesday, June 21, to $42.53 a barrel, the lowest since August. Crude oil has fallen into a bear market on worries over global oversupply and ballooning production.
"Falling oil prices continue to dampen sentiment in global macro markets," said Citigroup in a report, adding that a drop in oil prices "also hurts sentiment towards the higher-yielding emerging markets, but a steep drop in the price of oil usually spreads bearish sentiment more broadly."
This article was written by a staff member of TheStreet.