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Oil drop, weak data weigh on Wall Street; Fed move looms


By Yashaswini Swamynathan(Reuters) - Wall Street was slightly lower on Wednesday as a drop in oil prices weighed on energy stocks, while weak economic data took a toll on bank shares ahead of a widely expected interest rate hike by the Federal Reserve. Oil prices fell to their lowest in more than five weeks after data showed a surprise buildup in U.S. gasoline inventories and a report from the International Energy Agency (IEA) projected an increase in non-OPEC production. [O/R]The S&P 500 energy sector sank 2.4 percent, led by declines in Exxon and Chevron . Financials fell 1.3 percent ...

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First Published: Wed, June 14 2017. 23:52 IST