Crude prices closed lower after a group of world leaders agreed to a boycott of most Russian oil and China loosened some COVID restrictions.
Stocks are broadly lower on Wall Street in afternoon trading Monday as investors weigh a surprisingly good economic report that highlights the Federal Reserve's difficult fight against inflation.
The services sector, which makes up the biggest part of the U.S. economy, showed surprising growth in November, according to the Institute for Supply Management. The report is positive for the broader economy, but it makes the Fed's fight against inflation more difficult and means the central bank will likely have to remain aggressive in order to keep pressuring inflation.
Russia's ongoing invasion of Ukraine continues agitating an already volatile global energy market. U.S. crude oil prices bounced around before settling 3.8% lower after a group of world leaders agreed to a boycott of most Russian oil. They also committed to a price cap of $60 per barrel on Russian exports.
V.F. Corp., which makes Vans shoes and The North Face outdoor gear, slid 10.9% after warning investors that weak demand is crimping revenue. The company also announced the departure of its CEO.
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