Sector movers: Oil producers and mining stocks under pressure

Commodity producers were under the cosh on Wednesday as oil and metal prices slipped.

Oil prices reversed Tuesday’s gains with Brent crude down 2.9% to $36.70 per barrel and West Texas Intermediate down 3.07% to $36.74 per barrel.

The decline came after the Energy Information Administration said US crude inventories rose in the week ended Dec. 25. by 2.6m barrels, compared to analysts’ expectations for a drop of 2.5m barrels.

Shares in BP, Tullow Oil and Nostrum Oil & Gas headed south in afternoon trade.

Metal prices were also under pressure with gold down 0.81%, silver down 0.88% and copper down 0.28% on the Comex.

Anglo American, BHP Billiton and Acacia Mining were among the biggest fallers in the sector.

Adding to the selling pressure, earlier in the day Saudi Arabia's oil minister said his country would not let up the pressure on high-cost oil producers in a bid to maintain its share of the market.

“We will satisfy the demand of our customers. We no longer limit production. If there is demand, we will respond. We have the capacity to respond to demand,” Ali al-Naimi said on the sidelines of an event in the country’s capital, Riyadh,The Wall Street Journal reported.

“It is a reliable policy and we won't change it,” al-Naimi added.

Top performing sectors so far today

Software & Computer Services 1,666.21 +0.02%

Alternative Energy 0.00 0.00%

Alternative Investment Instruments NULL 0.00%

Automobiles and related providers NULL 0.00%

Banking NULL 0.00%

Bottom performing sectors so far today

Mining 7,269.77 -2.24%

Oil Equipment, Services & Distribution 13,075.32 -1.86%

Industrial Metals & Mining 692.86 -1.54%

Electronic & Electrical Equipment 4,289.57 -1.44%

Banks 3,833.15 -1.26%