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U.S. stocks decline on oil weakness

Xinhua, August 23, 2016 Adjust font size:

U.S. stocks traded lower around midday Monday as oil prices retreated after recent solid gains.

At noon, the Dow Jones Industrial Average fell 55.27 points, or 0.30 percent, to 18,497.30. The S&P 500 lost 4.43 points, or 0.20 percent, to 2,179.44. The Nasdaq Composite Index was down 7.88 points, or 0.15 percent, to 5,230.50. Oil prices dropped on Monday, with both U.S. oil and Brent crude falling nearly 3 percent around midday, after data showed that U.S. oil producers added rigs for an eighth consecutive week.

On Friday, oil prices fluctuated in a tight range, with U.S. oil logging a seven-day winning streak, as traders were looking for excuses to lock in gains after recent strong rebound.

Both U.S. oil and Brent crude have risen about 15 percent in the last seven sessions on speculation that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries (OPEC) will agree next month to a production freeze deal with non-OPEC members led by Russia.

Meanwhile, investors kept a close eye on Federal Reserve Chair Janet Yellen, who is scheduled to deliver a speech Friday on the U.S. economy and monetary policy at the Economic Policy Symposium at Jackson Hole, Wyoming.

On Friday, U.S. stocks ended lower after wavering in a tight range, as investors kept cautious amid hawkish remarks on rate hikes from Federal Reserve officials. Endit