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Crude Oil Trade News : Futures sharply lower on falling oil, copper prices
 

Futures sharply lower on falling oil, copper prices


 U.S. stock index futures were down about 1.5 percent on Tuesday as oil and copper prices fell on uncertain demand from China.

* Copper prices hit two-week lows, while oil was down about 2 percent. Chinese government efforts to stimulate growth by easing fiscal and monetary policy have yet to bear fruit.

* U.S. stocks ended higher on Monday, rebounding from losses late last week with help from Apple and financial shares, but a drop in biotech shares limited the advance.

* Investors are also looking for more clarity from the Federal Reserve after its decision last week to hold interest rates at near-zero levels.

* Fears of slowing growth in China sparked a sharp selloff in global stock markets in recent weeks and the Fed's comments about the global economy exacerbated those concerns.

* Atlanta Fed President Dennis Lockhart said on Monday a rate hike later this year was still possible and that the Fed, in recent months, has added to the market instability and needs to refine its communication approach.

* The dollar hit an almost two-week high against a basket of currencies on Tuesday after the comments from Lockhart, a voting member of the Federal Open Market Committee. He is scheduled to speak later in the day.

* Particular attention will be paid to Chair Janet Yellen's speech on Thursday at the University of Massachusetts Amherst.

* Shares of Bank of America were down 1.7 percent at $15.44 premarket ahead of a shareholder vote on separating the bank's chief executive and chairman roles.

* Freeport McMoRan was down 4 percent at $10.11 as the miner and energy producer was hit by falling commodity prices.

* Biotech companies were down for a second day after U.S. Democratic presidential candidate Hillary Clinton said she would announce a plan to stop "price gouging" for specialty drugs. Gilead fell 1.2 percent and Biogen fell 2 percent.