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%.


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.


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