Oil Price Surge Sinks US Stocks Amid Summer Trading

US stock markets closed lower on Monday, August 31, as oil prices continued to rise. The Dow Jones Industrial Average led the decline, falling by 373 points or 0.7% to 53,186.

The Nasdaq Composite Index also dropped, declining by 31 points or 0.12% to 26,370. Meanwhile, the S&P 500 Index lost approximately 25 points or 0.33% to 7,686.

The price of West Texas Intermediate (WTI) crude oil rose by more than $2 to $85.93 per barrel, contributing to the decline in stock markets.