Wall Street tanks in tandem with oil prices

On Tuesday, U.S. stocks stayed under heavy pressure as the crude oil prices slipped to the lowest level since the OPEC deal in November. Additionally, airlines pulled the indices down as a blizzard hit the U.S., grounding thousands of flights.

In a monthly report, OPEC said in 2017, non-OPEC oil supply is projected to grow by 0.40 million bpd, following an upward revision of 0.16 million bpd to average 57.74 million bpd. An improving outlook for Canadian oil sands and US supply were the main contributors to the revision. The S&P energy sector .SPNY fell 1.1%, led by Chevron's 1.8% loss, to close the day at its lowest since Nov. 4.

The U.S. Congressional Budget Office projected that 14 million Americans would lose medical their medical coverages by 2018 under a Trump administration's plan to dismantle Obamacare, putting pressure on hospital stocks.

Forex today: stocks off a cliff ahead of FOMC

The Dow Jones Industrial Average fell 44.11 points, or 0.21%, to 20,837.37, the S&P 500 dropped 8.02 points, or 0.34%, to 2,365.45 and the Nasdaq Composite lost 18.97 points, or 0.32%, to 5,856.82.

Headlines from the U.S. session

• In February, OPEC production decreased by 0.14 mb/d, to average 31.96 mb/d.
• Oil: A return to $40-$42 cannot be ruled out  - BBH
• USD/JPY: hit on all sides with stock markets tanking
• Moody's: Fed rate rise would confirm policy makers set for monetary tightening course - Full report