That usually leads to lower demand and softer prices.
Many have suggested that the discord suggests OPEC will under no conditions cut production unilaterally.
Oil prices hovered near their lowest in nearly seven years in Asia today ahead of the release of U.S. crude inventories and expectations of an increase in United States interest rates.
As they have all year, oil drillers bore the brunt of the selling.
The S&P energy sector energy index closed down 3.7 per cent after dropping as much as 5 per cent earlier in the session and oil majors Exxon and Chevron were the biggest drags on the S&P, with nearly 3 per cent declines. That stance combined with slower global growth has left the world awash in oil.
Against market hopes, ministers of the Organisation of the Petroleum Exporting Countries on December 3 declined to move to tighten supplies and instead, recognizing their own current high production and the coming resumption of Iranian exports, published no cap on member output.
The Dow gave up 117.12 points, or 0.7 percent, to 17,730.51. The Nasdaq composite fell 38 points, or 0.7 percent, to 5,105. Both Ezra Holdings and Ezion Holdings dropped, with Ezra closing 0.1 cent or 0.93 per cent down at 10.6 cents, while Ezion lost 1.5 cents or 2.48 per cent to 59 cents.
Airline stocks, however, did well as investors anticipated that lower fuel costs would help the companies fatten their profit margins. JetBlue Airways jumped $1.01, or 4 percent, to $26.49.
Oil prices have fallen more than 40 percent in the past year, as the industry confronts a worldwide oversupply problem. But investors have been disappointed.
The pivot, which surprised not only markets but also some OPEC officials, appeared to be a direct response to Saudi Arabia’s archrival Iran, which has made clear it intends to make a rapid return to global oil markets next year as nuclear-related sanctions are lifted. The euro was up 0.3 percent at $1.0875 while the dollar fell 0.3 percent to 122.98 yen.
Keurig Green Mountain soared 73 percent after agreeing to be acquired by a private equity firm. The stock jumped $37.19 to $88.89.
“Everybody knows they’re going to raise rates and the waiting is often worse than the punishment”, said Mr Matt Lloyd, chief investment strategist at Advisors Asset Management in Monument, Colorado.
Consol Energy slumped 14 percent Monday and Chesapeake Energy fell 8 percent.
– Stocks of gun makers soared on the prospect of big sales amid a push for greater gun control following the San Bernardino shootings.
Office Depot plummeted 15.8 per cent and Staples 13.8 per cent after the US Federal Trade Commission challenged their US$6.3 billion merger, arguing the combination would harm the business-to-business market for office supplies and services.
Wall Street was lower at the open on Monday as Brent crude prices fell to their lowest in almost seven years after OPEC’s meeting ended last week without a reference to its output ceiling. According to AAA, the national average price for a gallon of regular gasoline on Monday was $2.03 and should soon drop below $2 for the first time since 2009.
US government bond prices edged up.