The Dow Jones Industrial Average and S&P 500 held lower on Wednesday even as crude oil made a surprise turnaround.
The S&P 500 was down 0.25%, the Dow fell 0.35%, and the Nasdaq rose 0.2%. The Dow was set to snap a seven-day winning streak that propelled the index to record closing highs for the past four sessions.
Crude oil prices spiked on reports Russia's Energy Minister Alexander Novak had thrown his support behind a deal among major oil producers. Reuters reported that Novak has suggested higher chances of a production freeze agreement among Organization of the Petroleum Exporting Countries.
Crude had surged to three-week highs on Tuesday on renewed hopes for a deal. OPEC is set to meet in Vienna on Nov. 30 to discuss a possible arrangement.
Crude oil had traded lower earlier Wednesday after more oil was added to U.S. inventories over the past week than expected. The Energy Information Administration reported that 5.3 million barrels were added to stockpiles in the week ended Nov. 11, more than double the 2.4 million barrels a week earlier. Analysts anticipated 1.5 million barrels to have been added. A separate reading from the American Petroleum Institute showed stockpiles rising by 3.7 million barrels over the past week.
West Texas Intermediate crude was up 0.13% to $45.93 a barrel on Wednesday morning.
Industrial production in the U.S. was unchanged at 104.2 in October. Economists had anticipated a 0.1% increase. Motor vehicles and parts increased, while a drop in natural gas production pushed utilities output lower.
Producer prices last month also were unchanged, the Bureau of Labor Statistics reported on Wednesday. Economists anticipated prices to increase 0.3%. Core producer prices, excluding food and energy, fell 0.1%. Core prices rose 1.6% over the past 12 months. The inflation outlook has recently been revised as investors bet that proposed infrastructure spending plans from President-elect Donald Trump will quicken the pace.