US Stock Market Live: Dow futures indicate another positive start ahead of jobless claims data

Oil held a drop on signs Saudi Arabia is seeking another big production increase at next month’s OPEC+ meeting, in a bid for market share that could worsen a glut expected later this year.

Brent traded below $65 a barrel after losing 1.2% in the previous session, while West Texas Intermediate was under $63. The kingdom wants the Organization of the Petroleum Exporting Countries and its allies to continue to add at least 411,000 barrels a day of output in August and potentially September, according to people familiar with the matter.

“Once Saudi Arabia takes the lead in accelerating output increases, historical experience suggests that the market could face the risk of a price war, which would be highly unfavorable for oil prices,” said Gao Jian, an analyst at Qisheng Futures Co.