Energy Stock Selloff Weighs On Market

Energy sectors stocks sold off on Wednesday as oil prices remained volatile ahead of the closely watched meeting of the 12-member oil cartel. Hefty losses among oil exploration companies depressed the gains on the S&P 500 . The benchmark index was up 0.2%, trading in a narrow range. The Energy Select Sector SPDR Fund ETF fell 1.2%. Officials of the Organization of the Petroleum Exporting Countries (OPEC) are meeting in Vienna on Thursday, to decide whether to cut output in order to stabilize the prices. Oil prices fell roughly 30% since peaking in June with Nymex WTI crude trading at $73.7 a barrel. Uncertainties surrounding oil prices threw earnings projections of energy companies into disarray, resulting in a sharp correction in energy sector stocks.