US stocks open lower as oil extends losses

US stocks opened lower on Wednesday as the continued decline in oil prices dampened investor sentiment.

Oil prices kept falling in early trading Wednesday, with US oil dropping about 4 percent, after Saudi Arabian Oil Minister Ali Al-Naimi said there won't be any production cuts in the country.

On Tuesday, oil prices dived over 4 percent following the previous day's solid gains.

The volatility in oil prices has dominated market sentiment recently. US oil, whose price has tumbled over 20 percent since the beginning of the year, has been traded around $30 a barrel recently amid persistent worries about a global supply glut.

On the economic front, US consumer confidence came out weaker than expected. The Conference Board Consumer Confidence Index stands at 92.2 in February, down from 97.8 in January.

Figures on US new home sales are scheduled for release later Wednesday morning.

Shortly after the opening bell, the Dow Jones Industrial Average fell 101.76 points, or 0.62 percent, to 16,330.02. The S&P 500 lost 14.82 points, or 0.77 percent, to 1,906.45. The Nasdaq Composite Index dipped 50.66 points, or 1.12 percent, to 4,452.92.

On Tuesday, US stocks suffered big losses as Wall Street digested mixed economic reports amid declining oil prices.