Oil prices, energy stocks slip in Friday morning trading
Oil prices slip ahead of OPEC meeting on Sunday
Oil prices fell in trading on Friday morning as investors’ hopes of a cut in global crude supply dimmed.
NEW YORK — On Friday morning, U.S. stocks took small losses as energy companies slipped along with oil prices.
As of 10:10 a.m. Eastern time, the Dow Jones industrial average fell 28 points to 17,898 and the Standard & Poor’s 500 index lost four points to 2,079. Nasdaq composite fell 13 points to 4,933.
Oil prices fell in trading on Friday morning. US crude fell $1.36, or 3.3 per cent to $40.14 a barrel in New York. In London, Brent crude, the international benchmark, was down $1.42 to $42.42 a barrel.
Wholesale prices for gasoline, heating oil and natural gas also dipped in morning trading.
The slump in oil prices comes ahead of Sunday’s meeting of ministers from major oil-producing companies in Qatar to discuss their production policies.
In recent weeks, the price of oil has risen as investors look for a deal that will limit oil production and the global supply of crude which would lead to an increase in oil prices. Analysts contend a deal is not a sure thing and hopes for a meaningful cut in global oil production have dimmed, leading to a decline in oil prices.
Chevron is down 83 cents to $97.15, Devon Energy dropped 73 cents to $30.62 and Noble Energy lost 94 cents and is trading at $32.13.
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