Wall Street was lower at the open on Monday as Brent crude prices fell to their lowest in nearly seven years after OPEC’s meeting ended last week without a reference to its output ceiling.

Brent crude prices LCOc1 fell to $38.80, while a stronger dollar made it more expensive to hold crude positions. The dollar .DXY rose for a second day and was up 0.5 percent at 98.84 against a basket of major currencies.

Oil majors Exxon and Chevron fell about 3 percent and were the biggest drags on the Dow and the S&P.

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