Energy stocks are down in late trade, in tandem with declining oil prices.
Light sweet crude oil for February delivery was off about 2% at around $99.50 a barrel. Analysts attribute the correction, which follows six straight days of gains, to reduced concern over Iran's threat to curb oil production, coupled with weakening demand for commodities.
Today after the market close, the API will release its report on U.S. crude oil inventories for the week ended December 23. Analysts expect crude oil inventories to dip by 2.30 million barrels last week.
In energy ETFs, the United States Oil Fund ( USO ) was down 1.89%, at $38.32 while the United States Natural Gas Fund ( UNG ) was down 0.88%, at $6.77.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
