Stock Market Sinks, Oil Tops $130 as West Considers Russian Energy Sanctions

oil fields

The stock market dropped during early trading Monday after the U.S. benchmark oil index briefly touched its highest level since the Great Recession.

The Dow Jones Industrial Average, an index measuring 30 major U.S. corporations, dropped 0.94% as of early Monday. The S&P index, which measures 500 of the largest publicly-traded companies, fell more than 0.93% while the NASDAQ, an index largely comprised of technology firms, declined 0.98%.

Late Sunday, the benchmark West Texas Intermediate crude oil futures hit more than $130 per barrel for the first time since July 2008. The index remained high on Monday, hovering above $118 per barrel, up more than 3%.

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