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Pressured By Higher Oil Costs, The S&P 500 Declines To Start The Week

A rise in crude oil prices caused the S&P 500 to decline on Tuesday to start the first trading day of a week that has been abbreviated by holidays.

A 50-point decrease, or 0.1%, in the Dow Jones Industrial Average. The Nasdaq Composite remained mostly unchanged, while the S&P 500 fell 0.2%.

Following the extension of Saudi Arabia’s voluntary production restrictions of one million barrels per day, oil prices increased. The price of West Texas Intermediate futures increased by 2% to trade over $87 per barrel, marking their highest levels since November. With the S&P 500 sector recently up more than 1.3%, the new elevated energy stocks have contributed. Halliburton, Occidental Petroleum, and EOG Resources all saw their share prices increase by over 2%.

Source (CNBC)

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