Oil prices fell more than 5 percent on concerns of oversupply after news that Iraq's output reached a record last month. Wall Street is coming off its first week of gains in the year, with the three major indexes posting solid increases on Friday. During the poor start for the year for U.S. stocks, their performance has been closely correlated with the price of oil, although some investors said Wall Street's more modest decline on Monday meant the two assets could be decoupling somewhat.
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Wall Street weighed down by energy stocks