Oil prices resumed their downward path on Tuesday after rallying the previous session, while stocks climbed as investors snapped up beaten-down energy shares. Brent and U.S. crude oil dropped more than 2 percent each following a deal that will add more Iraqi crude to markets and gains in the dollar. Brent crude oil is down more than 30 percent since June. The Dow Jones industrial average closed at a record high, boosted by gains in energy shares as investors searched for bargains in the sector. The S&P energy index .SPNY, which is down 14 percent since June, jumped 1.3 percent. “The market is sniffing out a bottom in the underlying commodity and we are seeing a bounce in energy stocks from having been oversold in the last month or so,” said John Manley, chief equity strategist at Wells Fargo Funds Management in New York. The […]