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The Saudi-led oil cartel said daily crude production outside of OPEC is likely to grow by 160,000 barrels next year, a figure 110,000 barrels lower than its estimate last month, largely because US oil production is slipping faster than expected.

The dollar shrugged off a pair of widely watched economic indicators Tuesday and continued to trade within a tight range against its main rivals as investors waited to see if Federal Reserve policy makers would raise interest rates at their meeting later this week.

The U.S. Federal Reserve will not raise interest rates this week, Turkey’s Economy Minister Nihat Zeybekci predicted Monday. That announcement could feature the first interest rate hike since 2006 and put an end to almost seven years of near-zero percent interest rates.

In comparison, the benchmark Shanghai Composite index finished down by a smaller 2.67%.

Commodity prices were broadly flat on Tuesday, with silver softer than gold prices and re-touching last Friday’s 2-week low at $14.30 per ounce.

Oil prices fell on Monday as weaker than expected Chinese data weighed on markets, adding to concerns that declining global demand would worsen a surplus of crude.

The Chinese market collapse, downgrading of Brazil’s credit rating, Russian recessionary concerns, and the South African economic slowdown will curb the demand for crude oil in the long term in the oversupplied crude oil market.

OPEC said it expected demand for its crude next year to average 30.31 million barrels per day (bpd), up 190,000 bpd from last month, despite slower demand growth overall due to a weaker outlook for Latin America and China.

Cheap fuel is also hooking consumers, with oil demand growth set to hit a five-year high this year, it added.

Given this information, the Fed “should be a little more uncertain about forecasting inflation than it was”, says Athanasios Orphanides, a former governor of the Central Bank of Cyprus, a Fed economist, and a professor at the MIT Sloan School of Management.

An emergency command center was setup at the scene, because some of the people only needed on-scene treatment and did not need to go to the hospital. Over 200 people were injured.

It wasn’t like USA markets were in flawless shape before China’s spooked them.

On the New York Mercantile Exchange, platinum futures for October delivery slid 1.8 percent to $992.40, and palladium futures for December delivery dropped 0.8 percent to $577.15 an ounce.

US Federal Reserve vice-chairman Stanley Fischer joined the European Central Bank vice-president Vitor Constancio and Bank of England governor Mark Carney on Saturday on a panel at the Kansas City Fed’s annual retreat in Jackson Hole, Wyoming, dedicated to discussing...

US gold for December delivery rose half a percent to $1,138.30 an ounce.