Shares of Chevron (CVX.N) were down 1.1 percent at $117.72.
The losses put the S&P 500 on track for its biggest daily percentage loss since February 25.
The Dow Jones industrial average (.DJI) was down 102.16 points, or 0.70 percent, at 14,559.85. The Standard & Poor's 500 Index (.SPX) was down 16.46 points, or 1.05 percent, at 1,553.79. The Nasdaq Composite Index (.IXIC) was down 38.64 points, or 1.19 percent, at 3,216.22.