The US stock market fell after Asia and Europe, amid worries among investors regarding the prospects for global trade.
Furthermore, US stocks declined after the Supreme Court authorized states to levy taxes on sales of companies operating online and not having physical stores in that state. Shares of Amazon fell 1.9%, while EBay lost 3.2%.
The British pound has strengthened after the statement of the chief economist of the Bank of England on raising interest rates.
"Anyone who thinks the economy is being wrecked doesn’t know what they’re talking about" said Commerce Secretary Wilbur Ross. He also shares Jerome Powell's concern that companies are putting off their investments.
The prospect of a trade war are forcing investors to reduce risks.
In the run-up to the OPEC meeting, oil prices are trading in a small range, with the Brent crude currently standing at around $74 per barrel.
