DHAKA: US stock markets opened lower as a sharp drop in the price of oil hit energy shares.

Crude prices fell 3% on signs of rising supplies, with Chinese exports of diesel and gasoline surging in July, reports the BBC.

Brent crude fell 2.9% to $49.39 a barrel, while US oil dropped 2.7% to $47.77.

The Dow Jones fell 67.42 points to 18,485,15. Oil giants Chevron and Exxon Mobil were the biggest fallers on the Dow, dropping 0.8%.

The wider S&P 500 dipped 6.44 points to 2,177.43, while the Nasdaq index slid 9.93 points to 5,228.45.

Aside from the oil price fall, investors are already eyeing the annual meeting of central bankers later this week in Jackson Hole, Wyoming.

Federal Reserve chair Janet Yellen will deliver a speech on Friday, which will be scrutinized for clues as to the timing of the next US interest rates rise.

BDST: 2214 HRS, AUG 22, 2016
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