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Wall Street slips on oil worries

BBC News BBC News 15/04/2016
NYSE traders © Getty Images NYSE traders

(Close):Wall Street markets fell on Friday as oil prices slipped ahead of a weekend meeting that could result in a freezing of production.

Big oil producing nations meet this weekend in Qatar to discuss plans for a freeze in production levels.

But there is scepticism over whether such a deal would make much difference to the current oversupply of oil in the market.

The Dow Jones Industrial Average fell 28.97 points to 17,897.46.

The S&P 500 was down 2.05 points to 2,080.73. The technology focused Nasdaq Composite slipped 7.67 points to 4,938.22.

Stocks in the energy sectors fell as another US bank - Citigroup - reported it was setting cash aside to cover losses on loans to the energy industry.

Shares in banking giant Citigroup closed 0.13% down after trading mostly higher all day. It reported a 27% fall in quarterly profit, but that was not as bad as analysts had been expecting.

Shares of Marathon Petroleum were down 3.8%, Exxon Mobile fell 0.5% and Chevron was 0.75% lower.

Shares of Apple dropped 2% after a report suggested the company was cutting iPhone production in the April-June quarter due to weak sales.

Investors also had a gloomy economic report to chew over.

US industrial production fell 0.6% in March, which was a bigger drop than analysts were expecting, and followed a 0.6% decline in February.

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