MARKET NEWS: Futures Fall, Oil Rises, Bitcoin Below $20,000
Stock futures start the new month lower
US stock futures traded lower on Friday morning, starting the new month the same way the old month ended. On Thursday, Wall Street closed its worst quarter since the COVID-19 pandemic began in early 2020. It was the worst first half since the first six months of 1970.
Oil gains 1% to start July
Benchmark U.S. crude was trading around $107 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard was around $114 a barrel.
The OPEC oil cartel and allied producing nations decided on Thursday to boost crude oil production, but the amount is unlikely to help relieve high gasoline prices at the pump.
Bitcoin is trading below $20,000
Bitcoin was trading below $20,000 in early July. The cryptocurrency traded for four consecutive days before Friday. Bitcoin ended June down more than 41%. Year-to-date, bitcoin is down over 59%. Ether is above $1,000. Dogecoin is 6 cents.
Gasoline price drop continues in July
The price of a gallon of regular gasoline slid Friday morning to $4,842, according to AAA. Thursday’s price was $4,857. The gas went down for 14 consecutive days. Diesel also slipped to $5,760 from $5,772.