A slump in energy stocks stymied a rebound in U.S. indexes Tuesday as the price of oil plunged the most in two years.
The decline in oil prices followed forecasts for weaker global demand this year and next, a sign of slowing economic growth. Chevron fell 2 percent, helping to drag down the Dow Jones industrial average in the waning moments of trading.
The price of oil suffered its biggest drop in nearly two years after the International Energy Agency reduced its forecast for demand for this year and 2015.
Benchmark U.S. crude fell $3.90 Tuesday to close at $81.84 a barrel on the New York Mercantile Exchange. That was the biggest drop since November of 2012, and it’s the lowest closing price since June of 2012.
Brent crude, a benchmark for international oils used by many U.S. refineries, fell $3.85 to close at $85.04 on the ICE Futures exchange in London. Brent is at its lowest level since November of 2010.