U.S. stocks open lower as oil slides

U.S. stocks opened lower on Friday as a renewed decline in oil prices dampened investor sentiment.

Oil prices traded sharply lower in early trading Friday, with both the U.S. oil and Brent crude falling about 3 percent, after government data showed a rise in U.S. crude stockpiles.

Oil prices witnessed wild swings recently amid talks of a coordinated plan by producers to freeze output levels.

The U.S. oil has tumbled over 22 percent since the beginning of the year on oversupply concerns.

On the economic front, the Consumer Price Index (CPI) for all urban consumers was unchanged in January on a seasonally adjusted basis, the U.S. Labor Department reported Friday.

The index for all items less food and energy percent increased 0.3 in January, which has increased 2.2 percent over the past 12 months. This is its highest 12-month change since the period ending June 2012, and exceeds the 1.9 percent average annualized increase over the last 10 years.

Shortly after the opening bell, the Dow Jones Industrial Average fell 52.32 points, or 0.32 percent, to 16,361.11. The S&P 500 lost 6.95 points, or 0.36 percent, to 1,910.88. The Nasdaq Composite Index was down 10.61 points, or 0.24 percent, to 4,476.93.

On Thursday, U.S. stocks drifted lower after wavering in a tight range, as oil prices pared early gains amid worries about a global supply glut. Endi