Futures are higher and oil is lower

Good morning!

Ahead of a big week for the markets, US stock futures are lower and the price of crude oil is lower.

Near 8:15 am ET, Dow futures were up 68 points, S&P 500 futures were up 8 points, and Nasdaq futures were up 15 points.

Meanwhile, West Texas Intermediate crude oil is continuing to slide, down another 1% early Monday after a big decline last week that saw WTI prices slide from around $US50 to $US45.

On Friday, the latest data from oil driller Baker Hughes showed that the number of oil rigs in use in the US is at its lowest level since March 2011. In a note to clients over the weekend, Damien Courvalin at Goldman Sachs said that the current rig decline is pointing towards a slight decline in US oil production in the second quarter of this year.

Excess supply in the oil market, driven largely by an increase in US production, has been blamed for the sharp decline in oil prices seen over the last several months.

But in a report last week, the IEA said that oil prices were likely to fall further despite the relative stability seen in oil markets over the last month or so.

Here’s the latest chart of WTI.

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