MARKETS SPECTATOR: Smoking barrels

Rising crude inventory levels saw oil prices drag on markets overnight, while traders expect more retail pain in Kathmandu's results.

In overnight market action, US stocks managed to close the session in positive territory. However, while the housing sector was buoyed by stronger-than-anticipated existing home sales numbers, crude oil prices and energy names continued to see strong selling pressure as oil inventory numbers came in much higher than expected.

The technology-heavy NASDAQ was the best performer, adding 0.2 per cent, while the S&P 500 and Dow Jones Industrial Average both eked out gains of 0.1 per cent.

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