US stocks dragged down by oil

US stocks fell on Monday. The S&P 500 declined 0.7 percent, dragged down by energy stocks after oil prices fell to the lowest in almost seven years.

Crude-oil futures in New York fell 5.8 percent after a meeting of the Organization of the Petroleum Exporting Countries ended last week with no agreement to cut production.

The STOXX Europe 600 gave up gains of over 1 percent during the session on Monday to close up 0.5 percent.

In Asia, the Nikkei 225 rose 1 percent while the Shanghai Composite Index gained 0.3 percent.

While oil prices have been tumbling for much of this year, some see a bottom next year. From Bloomberg:

Crude prices will start to recover in 2016 as output from the U.S. and other non-OPEC producers declines, according to the heads of ConocoPhillips and Saudi Arabian Oil Co., the world’s largest oil exporter.