NEW YORK (TheStreet) -- Oil and Greece were the focus of 2014's penultimate trading session in what was an otherwise quiet day. The Dow Jones Industrial Average dropped again after a multi-day record run and the S&P 500 fell from all-time highs as global oversupply of crude oil and political uncertainty in Greece caused Wall Street headaches.
The S&P 500 fell 0.49%, 13 points from its intraday high. The Dow dropped 0.3%, falling below 18,000, and the Nasdaq slid 0.61%.
Crude oil prices stabilized with West Texas Intermediate crude up 0.35% to $53.80 a barrel, though long-term commodity projections caused market jitters. A day earlier, the commodity had briefly moved higher as fires wiped out three oil-storage tanks at Libya's central export terminal, giving hope of a solution to global oversupply.
"Despite the drop in oil prices, producers, particularly U.S. shale focused companies, continue to try to maintain output due to debt service and other cash flow needs," said James Abate, CIO of Centre Funds, in an email.
U.S. oil production remains at multi-decade highs and could "undercut prices in the near term," Wells Fargo's chief international strategist Paul Christopher said in a report. "Our 2015 year-end West Texas Intermediate crude oil price target range of $60-$70 per barrel allows for large potential price swings."