#AceFinanceReport – Feb.07: The #OPEC members covered by the deal with Russia and other independent producers have implemented at least 80 percent so far, according to a Reuters survey and analysts. Russia has cut about 100,000 bpd and plans to increase that to 300,000 bpd.
Implementation of the cuts began on Jan. 1 with the aim of reducing output by almost 1.8 million barrels per day.
Against this backdrop, more investors are betting on rising prices despite indicators such as the Baker Hughes rig count pointing to increased U.S. supply.
U.S. energy companies added oil rigs for a 13th week in 14, data showed on Friday. Despite the OPEC cuts, U.S. crude inventories rose by more than expected last week.
U.S. crude futures, however, have well been supported, with WTI futures posting gains in seven of the past eight weeks.
Hedge funds and other speculators also boosted their bullish bets in U.S. crude futures and options in the week to Jan. 31 to the highest level on record, betting prices will continue to rise, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
US Markets Report of what’s happening and when this week .. CNBC: http://cnb.cx/2kGje05
The Dow Jones industrial average fell 17 points, or 0.08 percent, to 20,054, with Verizon leading decliners and United Technologies the biggest riser.
The S&P 500 dropped 5 points, or 0.24 percent, to 2,292, with energy leading nine sectors lower and utilities and information technology rising.
The Nasdaq composite rose 8 points, or 0.15 percent, to 5,657.
About nine stocks declined for every five advancers at the New York Stock Exchange, with an exchange volume of 309 million and a composite volume of 1.465 billion in afternoon trade.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 11.3.
On tap this week:
Earnings: 21st Century Fox, Tesoro, Boardwalk Pipeline
4:30 p.m. Philadelphia Fed President Patrick Harker
Earnings: Disney, Gilead Sciences, BP, General Motors, Archer Daniels Midland, Cardinal Health, Statoil, BNP Paribas, Intercontinental Exchange, Michael Kors, Vulcan Materials, Tenneco, Wellcare Health, Mondelez International, Buffalo Wild Wings, Plains All American, Pioneer Natural Resources, Panera Bread, Zillow
8:30 a.m. International trade
10:00 a.m. JOLTs
1:00 p.m. 3-year note auction
3:00 p.m. Consumer credit
Earnings: Time Warner, Glaxo SmithKline, Whole Foods, Prudential Financial, Carlyle Group, Alaska Air, Humana, Allergan, Rayonier, Suncor, Lions Gate, Owens Corning, Sanofi, Level 3 Communications, Jacobs Engineering
1:00 p.m. 10-year note auction
Earnings: Coca-Cola, Kellogg, Twitter, Yum Brands, Beazer Homes, Cummins, Total, Agrium, Occidental Petroleum, Nissan, Borg Warner, Dunkin Brands, Expedia, News Corp, Nvidia, Pandora Media, Activision Blizzard, Thomson Reuters, KKR
8:30 a.m. Initial claims
9:10 a.m. St. Louis Fed President James Bullard
10:00 a.m. Wholesale trade
1:00 p.m. 30-year bond auction
1:10 p.m. Chicago Fed President Charles Evans
Earnings: Aon, Calpine, Buckeye Partners, ArcelorMittal, Ventas, Nippon Telegraph, Interpublic
8:30 a.m. Import prices
10:00 a.m. Consumer sentiment
2:00 p.m. Factory orders
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