Global Ratings agency, Moody’s Services has kept the U.S. sovereign rating at Aaa but lowered its outlook to “negative” from “stable. This means even the U.S.’ last top credit rating that was assigned by the major credit rating agencies has the prospect of a downgrade.

Global prices of oil declined on optimism that Iraq would boost supply amidst conflict in the Middle East. Iraq’s government has expressed optimism that it will soon achieve an agreement to resume oil production from its Kurdish area.