Stocks moved lower on Wednesday as a rise in crude inventories pushed oil to wider losses.
The S&P 500 was down 0.33%, the Dow Jones Industrial Average fell 0.15%, and the Nasdaq decreased 0.3%.
Crude inventories in the U.S. increased by 14.4 million barrels in the week ended Oct. 28, according to the Energy Information Administration. The increase was even worse than a separate reading from the American Petroleum Institute which showed an increase of 9.3 million barrels.
Prices were already under pressure on fading hopes that major oil producers, including the Organization of Petroleum Exporting Countries, would agree to a production freeze deal. OPEC production rose by 170,000 barrels per day to new records in October.
West Texas Intermediate crude oil declined 3.3% to $45.15 a barrel on Wednesday.
The Federal Open Market Committee will conclude its monetary policy meeting on Wednesday afternoon but won't hold a press conference. The Fed's policy-making group is expected to stand pat on interest rates.
"The equity markets appear to be looking past this week's FOMC meeting, and instead are focusing on the U.S. election," Greg Woodard, senior analyst at Manning & Napier, told TheStreet. "Once the election passes, focus will likely shift to the December FOMC meeting, with consensus pricing in a more-likely-than-not decision by the Federal Reserve to raise rates by 25 bps."
Stocks suffered a dismal start to the month on Tuesday as conflicting polls bred uncertainty over the upcoming presidential election. An NBC/SurveyMonkey poll showed Democratic presidential candidate Hillary Clinton's 6-point lead remained after concerns over her emails were raised again on Friday. A separate ABC poll showed Republican presidential candidate Donald Trump with a 1-point lead. U.S. voters will head to the polls on Nov. 8.