Crude oil futures continued to fall Friday morning after significant losses in the previous session.
Markets were disappointed by OPEC's 9-month supply quota extension, as key producers Libya and Nigeria will be exempted. Analysts say the global supply glut may linger into next year due to robust U.S. shale production.
Baker-Hughes Rig Count, that tracks weekly changes in the number of active operating U.S. oil & gas rigs, will be released at 1.00 pm ET. Domestic drillers have added new rigs 17 weeks in a row.
WTI light sweet crude oil was down 34 cents at $48.57 a barrel.
The Commerce Department's Durable Goods Orders for April will be released at 8.30 am ET. Economists are looking for a decline of 1.0 percent. In the prior month, durable goods were up 0.7 percent.
Gross Domestic Product update for the first quarter will also be published at 8.30 am ET. The consensus is for growth of 0.8 percent, slightly up from 0.7 percent in the previous estimate.
University of Michigan's Consumer Sentiment survey report for May will be published at 10.00 am ET. The forecasters are looking for consensus of 97.6, while it was 97.7 last month.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.