U.S. stocks fell as oil prices tumbled for a second day and Germany rejected a proposal from Greece to seek an extension of its loan facilities.

The Standard & Poor™s 500 Index fell 0.3 percent to 2,093.56 at 9:32 a.m. in New York. West Texas Intermediate crude oil lost 5 percent to slip below $50 a barrel.

Futures advanced earlier after the European Commission said a letter by Greece™s government requesting the extension of its loan facilities could pave the way for a compromise agreement. Gains were quickly erased after a German government official said Greece™s request is not in line with agreed criteria for the euro region.

The S&P 500 was little changed Wednesday, erasing a loss as speculation that the Federal Reserve will keep rates lower for longer overshadowed a drop in energy shares. Minutes from the Fed™s latest meeting showed some policy makers argued for keeping rates low for longer amid risks facing the economy.

Source: Bloomberg