US stocks are poised to fall for a second-straight day on Friday on concerns the economy and corporate profits will slow after crude futures touched another record and inched toward $50 per barrel.
General Motors, a component of the Dow Jones industrial average, may also weigh on stocks after the Wall Street Journalsaid some car dealerships are cutting back orders for 2005 models.
Global oil prices raced to fresh highs on Friday, carrying US crude to $49.29 a barrel before it retreated to $49.22 in recent trading.
Oil prices are being driven by escalating violence in Iraq and unabated demand growth from China and India. Crude prices have set records in 15 of the last 16 sessions.
GM fell to $40.75 on the INET electronic brokerage system from its close of $41.54 on the New York Stock Exchange.