Crude Sees Renewed Weakness

Longer term, the Economist Intelligence Unit, a provider of country, industry and management analysis, sees prices for West Texas intermediate crude averaging around $66 a barrel for 2007.

"Geopolitical tensions (never too far away) will ensure that prices remain elevated," the report from EIU states. Additionally, the report says a rebounding U.S. economy should help demand.

Turning to the energy complex, giants Exxon Mobil(XOM Quote) and Royal Dutch Shell(RDS.A Quote) were losing ground, down 0.6% and 1.2% respectively.

Elsewhere, Jefferies cut is stock price target on Dominion Resources(D Quote) to $68 a share from $74 and reiterated its underperform rating. The stock was losing 0.2% lately.