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U.S. stocks open lower as oil output deal fails in Doha

Xinhua, April 18, 2016 Adjust font size:

U.S. stocks opened lower Monday, as major oil-producing nations failed to reach an agreement over the weekend on production cuts aimed at easing a global supply glut.

The world's key oil producing countries failed to deliver any concrete agreement to freeze production at the end of their ministerial meeting in Doha, Qatar on Sunday amid disagreements on the wording of the agreement.

Qatari Oil Minister Mohammed bin Saleh al-Sada said in a press conference that "the meeting reached a result which we all need more time for more consultations and talks."

Oil prices tumbled after Doha meeting, with both U.S. oil and Brent crude dropping about 4 percent in early trading Monday.

In corporate news, shares of Morgan Stanley rose about 0.6 percent in early trading Monday, after the U.S. investment bank posted better-than-expected earnings for the first quarter of 2016.

Shortly after the opening bell, the Dow Jones Industrial Average fell 40.37 points, or 0.23 percent, to 17,857.09. The S&P 500 lost 6.10 points, or 0.29 percent, to 2,074.63. The Nasdaq Composite Index was down 18.73 points, or 0.38 percent, to 4,919.49.

On Friday, U.S. stocks closed mildly lower after wavering in a tight range, as investors assessed declines in oil prices amid downbeat economic data. Endi