US Stock Market opens lower, crude prices rise amid Russia's reduced oil production

(MENAFN) On Friday, the stock market in the US started off on a lower note. The Dow Jones dropped by 8 points, which equates to a 0.02 percent decrease, and opened at 33,690 at 9:51 AM Eastern Daylight Time. Meanwhile, the S&P 500 dropped by 5 points or 0.12 percent to 4,076. The Nasdaq, which is dominated by technology stocks, declined by 71 points or 0.6 percent and began the day of trading at 11,720.

The VIX, also known as the fear index, rose by 3.2 percent to 21.37, while the yield on the 10-year US Treasury bond increased by 0.14 percent to 3.688 percent. The dollar index added 0.2 percent to 103.42 and the euro lost 0.3 percent to trade at USD1.0702 against the US dollar.

Precious metals saw an increase, with gold rising by 0.1 percent to USD1,863 per ounce and silver increasing by 0.7 percent to USD22.13. Following reports that Russia would reduce its oil output, crude prices went up by over 1.4 percent with Brent crude reaching USD85.84 and West Texas Intermediate crude hitting USD79.12 per barrel.

Earlier on Friday, Moscow announced that it would voluntarily decrease its oil production by 500,000 barrels per day in March, which is equivalent to approximately 5 percent of its total output, as a result of its price ceiling policy, according to multiple reports. In December, G7 and EU member countries agreed to impose a USD60 per barrel cap on Russian crude exports transported by sea in an effort to reduce Moscow's revenue from oil exports and sales during its conflict with Ukraine.



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