US stocks drift lower

US stocks drifted lower in quiet trading today as oil prices edged upward and concerns about the car industry intensified when Ford slashed its profit outlook for the year.

Investors initially welcomed reports that Opec plans another production increase in May to meet steady demand. Crude futures climbed higher, however, breaking a five-session streak of lower prices. A barrel of light crude settled 39 cents higher at US$53.71 (€41.41) on the New York Mercantile Exchange.