Wall Street softer on falling crude oil
(MENAFN- ProactiveInvestors - Australia)
U.S. stocks ended lower on Wednesday, impacted by a weaker oil prices. By the close the Dow Jones had eased 0.2% to 18,496. The S & P 500 fell 0.3% to 2175, while the NASDAQ lost 0.4% to 5205.
Energy was the biggest decliner of the 10 major sectors on the benchmark S & P 500, falling 1.4%, following a report from the Energy Information Administration which showed that stockpiles of US crude unexpectedly climbed in the latest week.
Adding to the bearish trade was the OPEC";s latest monthly oil market report that showed Saudi Arabia";s oil output climbed to a record level last month adding to the glut of supply.
The news dimmed already low hopes for a production freeze at the OPEC";s informal September meeting.
West Texas Intermediate crude oil futures settled down 2.5% at US$41.71 a barrel. <
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