Oil price drop has not only capped gains in the European equities, but has also pushed the major US equity index futures into the negative territory. At the time of writing, the Dow futures were down 51 points or 0.30%. The S&P 500 futures were indicating the index could open 6 points or 0.30% lower. A similar drop was also noted in Nasdaq futures. Reports that oil companies are scaling back capital spending are also weighing over the sentiment. If reports are to be believed Exxon is planning to cut its 2016 capex budget by 25% to $2.3 billion. Oil prices in the US dropped 1% after the API report released yesterday showed a record high inventory buildup. For more information, read our latest forex news.