U.S. stocks fell Wednesday, dragged down by energy shares as oil prices slumped. Stock markets have traded in a narrow range for the last month, something that is likely to continue with few major economic data releases expected in the coming days, said Brad McMillan, chief investment officer at Commonwealth Financial Network. U.S. crude oil fell 2.5% to $41.71 a barrel after the Energy Information Administration said inventories of the commodity rose by 1.06 million barrels in the latest week. Some investors are skeptical that an informal meeting of the Organization of the Petroleum Exporting Countries in September will yield an agreement to address low prices, as recent talks about potential production freezes fell apart. Investors have been weighing upbeat U.S. labor market data against the prospect of higher interest rates and a decline in oil prices, said Bjoern Jesch, chief investment officer at Union Investment.
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