Oil down ahead of producer meeting; dollar slips

Fri Apr 15, 2016 5:06pm EDT
 
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By Rodrigo Campos

NEW YORK (Reuters) - Crude oil prices fell on Friday ahead of a weekend meeting that could yield an output freeze by major producers, while the U.S. dollar and stocks across the globe edged lower but posted weekly gains.

On Wall Street, energy stocks led the market slightly lower as oil fell, and Apple (AAPL.O: Quote) shares also weighed after Nikkei business daily reported Apple will continue its reduced production of iPhones in light of sluggish sales.

The S&P 500, however, posted its seventh positive week in the last nine.

The MSCI index of stocks across the globe .MIWD00000PUS hit its highest point of the year on Thursday and emerging market stocks .MSCIEF racked up their best weekly gain in six. European shares .FTEU3 fell 0.3 percent but posted their largest weekly gain in two months.

On Friday, the Dow Jones industrial average .DJI fell 28.97 points, or 0.16 percent, to 17,897.46, the S&P 500 .SPX lost 2.05 points, or 0.1 percent, to 2,080.73 and the Nasdaq Composite .IXIC dropped 7.67 points, or 0.16 percent, to 4,938.22.

Japan's Nikkei .N225 closed 6.5 percent higher for the week.

China's economy grew 6.7 percent in the first quarter from a year earlier, meeting expectations and providing additional evidence that a slowdown in the world's second largest economy may be bottoming out.

The dollar index .DXY slipped 0.2 percent after the U.S. currency had gained more than 1 percent against both the yen JPY= and the euro EUR= earlier this week.   Continued...

 
Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York April 12, 2016. REUTERS/Lucas Jackson