Wall Street Preview: Oil In Focus

U.S. futures pointed to a weak start for Wall Street on Wednesday, June 21, European stocks fell and Asian shares finished mostly lower after oil prices tumbled into bear-market territory.
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U.S. stock futures pointed to a weak start for Wall Street on Wednesday, June 21, European stocks fell and Asian shares finished mostly lower after oil prices tumbled into bear-market territory.

Oil futures for August delivery in the U.S. early Wednesday fell 0.3% to $43.37 a barrel after crude entered a bear market on Tuesday, falling more than 20% from its Feb. 21 high. The declines came even as data from the American Petroleum Institute showed a bigger-than-expected decline in U.S. crude stocks for the week ended June 16.

"Unless we see a marked reduction in crude stockpiles, the possibility of further short-term falls in the price of oil cannot be ruled out," said Fawad Razaqzada, a market analyst at Forex.com.

This article was written by a staff member of TheStreet.