Energy producer retreat supported U.S. Stock-Index Futures turn down

Ospraie Management LLC statement that it will shut its biggest hedge fund subsequent to bad bets on commodity shares together with fourth day oil retreat supported drop in U.S. stock-index futures headed by energy producers.

Oil drop of more than $2 a barrel outcome 3.2 percent tumble in PetroHawk Energy Corp while Anadarko Petroleum Corp. slid 0.9 percent. One of Ospraie’s largest shareholdings, XTO Energy Inc., dropped 1.2 percent. After captivating regulatory sanction for new municipal bond insurer Ambac Financial Group Inc. improved 13 percent. Worries that the sluggish economic growth will decrease earnings as credit-market losses increase at banks caused drop in European and Asian shares.

Report that is probable to show increased factory orders for July on abroad demand and an increase in oil that kept refiners busy also attract investor’s focus.

Since July 11 record crude has sagging 27 percent that encouraged shares of consumer companies whereas energy producers sent to lower. S&P 500 futures for September lose 3.7 or 0.3 percent while Dow Jones Industrial Average futures slipped 36 to 11,478.