U.S. stocks fell on Thursday, weighed down by energy shares as oil prices extended their slide. The energy sector was the biggest drag on the S&P 500, with companies like Exxon Mobil and Chevron experiencing notable declines.

Oil Price Decline Impacts Energy Sector

The price of crude oil has been under pressure due to concerns about oversupply and weakening global demand. This has translated into lower profits for energy companies, prompting investors to sell off their shares.

Key Factors Contributing to Oil Price Weakness:

• Oversupply in the global market
• Concerns about slowing economic growth in China
• Increased production from OPEC nations

Analysts are closely watching upcoming economic data and OPEC meetings for potential catalysts that could impact oil prices and, consequently, the energy sector’s performance.