Crude Oil Prices Ease

Elsewhere, one observer sees the general weakness of the past couple of weeks continuing in oil.

"We still think the price risk on crude is more to the downside," writes Edward Meir, an analyst at commodity broker Man Financial, in a research report. "The disconnect between comfortable -- and even rising -- inventories on the one hand, and colder weather on the other, is too glaring to ignore."

In the energy patch, Wachovia initiated coverage on Range Resources(RRC Quote) with an outperform rating, but the stock still lost 2%.

Canaccord Adams started its coverage of Double Eagle Petroleum(DBLE Quote) with a buy rating and a stock price target of $31. The shares fell 1.2% to $21.35.

The energy exchange-traded funds United States Oil(USO Quote) and iPath Goldman Sachs Crude Oil (OIL Quote) dropped 1.8% and 1.7%, respectively.