The price of oil fell further after the International Energy Agency said that oversupply would continue until late next year and demand would weaken. Benchmark U.S. crude dropped $1.09, or 3 percent, to $35.68 a barrel in New York. Oil has been falling for 1 ½ years and is now at its lowest level since early 2009.

Though the drop in oil can help consumers and businesses by cutting their energy bills, the recent decline has been weighing on stocks as investors worry it is a sign of a weak global economy. The low price has also decimated profits at energy companies.