US indices booked a second downbeat session in a row. S&P 500 dropped 0.75%, Dow Jones moved 0.54% lower and Nasdaq finished 0.72% lower. Russell 2000 dropped 0.49%

Stocks in Asia-Pacific region traded mostly lower. Nikkei dropped 0.2%, S&P/ASX 200 moved 0.9% lower and Kospi plunged 1%. Indices from China traded mixed

DAX futures point to a flat opening of the European cash session today

Oil is pulling back following the Financial Times report. FT reports that Saudi Arabia is ready to increase production if Russia oil output drops due to sanctions

Reuters added later that United Arab Emirates may also participate in oil output increase in order to offset drop in Russian production

Nevertheless, Reuters sources also claims that OPEC+ is likely to leave its output policy unchanged at a meeting today

Brent and WTI pull back over 1%. OIL dropped back below $115 per barrel

China ordered state-owned banks to set up a $120 billion credit line to support infrastructure projects

Chinese ambassador to Australia said that China is ready to talk about trade but will not lift ban on Australian exports unless there is improvement in political relationship

API report pointed to a 1.18 million barrel drop in US oil inventories (exp. -0.1 mb)

Slight risk-off tones are providing some support for precious metals. Platinum, silver and gold trade around 0.1% higher each but palladium rallies 1%

CHF and JPY are the best performing major currencies while AUD and NZD lag the most

Oil pulled back after news surfaced saying that Saudi Arabia and UAE may step in to offset Russia oil production drop. WTI (OIL.WTI) pulled back from the upper limit of the upward channel and dropped towards the support zone marked with 50% retracement of the March correction.