Wall Street had little reason to extend a mid-week rally through Friday's session as crude oil tumbled ahead of a weekend meeting between key oil-producing countries.

The S&P 500 dropped 0.1% at the close, the Dow Jones Industrial Average and the Nasdaq each slid 0.16%.

Crude oil held near session lows on Friday afternoon, even as the number of active oil rigs in the U.S. declined. A weekly oil rig count from Baker Hughes showed the number of crude-oil drilling rigs fell by 3 to 351 in the past week.

Worries over whether the Organization of Petroleum Exporting Countries can agree on a production agreement flared ahead of a meeting in Doha, Qatar, between OPEC members and Russia. The countries could decide to freeze production at current levels, though many remain skeptical that Iran, which only recently had sanctions lifted, will agree to a deal.

West Texas Intermediate crude oil closed 2.8% lower at $40.36 a barrel on Friday. Prices are still higher since the beginning of the year, but have fallen 35% over the past 12 months.

"The petroleum markets are seeing a round of profit-taking ahead of Sunday's producer summit in Doha, with a production freeze now largely taken for granted, but its impact seen as limited," said Timothy Evans, energy futures analyst at Citi.

Consumer sentiment fell to a reading of 89.7 in early April, according to the University of Michigan survey. Economists had expected the measure to increase slightly to 91.8 from a reading of 91 in March. Consumers' view of current economic conditions worsened, while expectations fell to 79.6 from 81.5. Those surveyed reported a slowdown in expected wage gains, weaker income projections, and concern that slowing economic growth would impact the number of jobs created.

U.S. industrial production fell 0.6% in March, according to the Federal Reserve, far steeper than an expected 0.1% decline. Manufacturing fell 0.3%, dragged down by a decline in automobile production. Industrial output was down 2.2% for the first quarter. Output declined for the sixth time in seven months.

Economic activity in the New York region in April rebounded to its best level since January of last year. A gauge of business conditions in the region climbed to 9.6 from 0.6 in March, according to the Empire State manufacturing index. April's reading marks the second straight month of growth after seven months of contraction.

Global markets were under pressure after the latest read on China's economy showed growth at seven-year lows. The world's second-largest economy saw GDP growth ease to 6.7% in its first quarter, according to China's National Bureau of Statistics. However, the results came in slightly above the 6.6% growth economists had feared.

Citigroup (C - Get Report) fell as first-quarter profit declined, though not as badly as some had feared. The U.S. bank reported a 27% decrease in quarterly profit as revenue for trading and investment banking fell, while overall revenue slid 11%. Per-share earnings of $1.10 a share came in higher than an anticipated $1.03.

Foot Locker (FL - Get Report) was under pressure after Cowen & Co. analysts downgraded the athletic retailer to "market perform" from "outperform." The firm said the downgrade was based on an expected increase in promotional activity from Nike (NKE - Get Report) , which could eat into Foot Locker's store traffic.