Wall Street knocked by oil price slide
December 29, 2015, 2:54 pm

Wall Street recovered from sharp falls in morning trading but still closed slightly lower, as oil prices fell sharply.

The main Dow Jones index closed down 26.09 points, or 0.2%, at 17,526.08. The wider S&P 500 was flat while the tech-heavy Nasdaq was 0.2% lower.

Both Brent and US light crude oil fell about $1.30, or 3.5%, a barrel.

On the upside, entertainment giant Disney was up 1.3% thanks to the success of the latest Star Wars film.

On Sunday, The Force Awakens became the fastest film in history to take $1bn (£674m) at the global box office.

Sportswear giant Nike also gained ground, rising 1%.

`Jitters`

On the downside, energy stocks fell due to the slide in the oil price, with Chevron down 1.8% and Exxon Mobil 0.7% lower.

Outside the main index, Conoco Phillips fell 2.9%, while Marathon Petroleum dipped 2%.

"The 3% dive in crude oil this morning shows you that the sellers are still in control of the energy market and that`s leading jitters on Wall Street, coupled with just normal digestive action after last week`s strong gains," said Adam Sarhan at Sarhan Capital in New York.

Brent crude currently stands at $36.57 a barrel, while US light crude is trading at $36.70.

In the run-up to Christmas, Brent sank to $36.04, its lowest level since July 2004.

In the summer of 2014, Brent stood at almost $115, but the price has fallen dramatically due to oversupply and reduced demand.

Comments

m1.png m2.png m3.png m4.png m5.png
f1.png f2.png f3.png f4.png f5.png
+ =
Exchange Rates
EUR/USD 1.0632
EUR/BRL 3.3977
EUR/AUD 1.4115
EUR/TRY 4.0665
Weather

London

Jan21      10:39
  1. Humidity 47%
  2. Downwind
  3. Winds 0 kph
Now
-14℃
Latest Videos
VIDEO: The Biology of Bliss and the Human OS - Jamie Wheal
Terror and Tourism: Changing the Travel Landscape
Earth In 2050 - HD Documentary 2015
The drive for gender equality in corporate Japan
Plane touches down then aborts during storm (VIDEO)
The Fermi Paradox II — Solutions and Ideas – Where Are All The Aliens (VIDEO)
Latest Photos
best cities for small businesses
Best Jobs in America (PHOTOS)
Inside the coolest private jets (PHOTOS)
The best hotel club floors in the world
Winning Images from the 2015 National Geographic Traveler Photo Contest
PHOTOS: Raging Wildfires Prompt Major Evacuation