Stocks open lower on Wall Street as crude oil prices rise

NEW YORK (AP) — Stocks are opening lower on Wall Street and crude oil prices are rising sharply after European leaders agreed to cut nearly all imports of oil from Russia over the next six months. Energy stocks were the lone sector to rise in early trading on Tuesday as the price of U.S. crude rose 3.6% to almost $120 a barrel. Oil is already up more than 60% this year, adding to inflationary pressures that are hurting American households and businesses. The S&P 500 fell 1%. The index is coming off its best weekly gain since November 2020, which broke a seven-week losing streak.

This is a breaking news update. AP’s earlier story follows below.