US Close 1 Nov 16: US markets little changed at the close despite the slump in oil

US sharemarkets held in tight ranges on Monday. Shares in Nike fell 3.5% on a broker downgrade. Shares in General Electric fell by 0.4% after it said it would merge its oil and gas business with oilfield services provider Baker Hughes. Shares in Baker Hughes fell by 6.3%. The Dow Jones index ended lower by 19 points or 0.1% after trading in a 63-point range. The S&P 500 index was largely flat while the Nasdaq fell by less than 1 point or less than 0.1%.

Global oil prices fell by near 3-4% on Monday. There is on-going uncertainty whether key oil producers will reach agreement on production cuts. OPEC officials approved a document outlining their long-term strategy. But while OPEC and non-OPEC officials met to decide details on production cuts, no agreement was achieved. Brent crude fell by US$1.41 or 2.8% to US$48.30 a barrel. 

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