Wall Street closea with losses on crude glut

NEW YORK (AA) – Wall Street was swamped in crude oil Tuesday as low oil prices took a toll on indexes that ended the day with losses.

The Dow Jones fell 91 points to 18,314, marking a seventh consecutive day of lower closings. The S&P 500 was down 14 points to 2,157, while the Nasdaq lost 46 points to close at 5,138.

With worries about a glut of supply and weak global demand, crude prices have continued to decline.

At the final bell the American oil benchmark lost 1 percent to $39.66 a barrel. During trading hours it fell to $39.27 -- its lowest level since April 11.

The international benchmark fell 0.5 percent to $41.91.

Low oil prices have also hit stock values of major American airline and automotive companies.

Shares of Delta Air Lines fell 8 percent and American Airlines lost 6 percent of its share value.

Ford and General Motors each declined 4 percent.

The global oil market will now turn to the U.S.'s weekly crude and gasoline inventories scheduled to be announced Wednesday.

A rise in inventories could increase the downward pressure on oil prices.