Near-record oil prices Monday in the wake of an Alaskan oilfield shutdown prompted investors to sell stocks on inflation fears, one day before the Federal Reserve’s next decision on interest rates, the Associated Press reports.

BP PLC said late Sunday it would shut down the Prudhoe Bay oilfield, which represents 8 percent of daily U.S. crude production, due to possible pipeline corrosion. Crude oil futures surged $2.22 in response to settle at $76.98 a barrel on the New York Mercantile Exchange , near the closing record of $77.03 and all-time intraday high of $77.40, both set July 14.

According to preliminary calculations, the Dow Jones industrial average fell 20.97, or 0.19 percent, to 11,219.38. Broader stock indicators also dropped. The Standard & Poor’s 500 index lost 3.59, or 0.28 percent, to 1,275.77, and the Nasdaq composite index shed 12.55, or 0.6 percent, to 2,072.50.

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Winners & Losers:

Mercury General Corp. lost 9.6 percent to close at $50.10 while Qualstar corp. lost 8.2 percent on the news of its CFO resigning and Crown Media Holdings lost 5.9 percent and closed the day at $3.70.

On the up side were Cogent Inc., which gained 4.5 percent and closed at $11.48. Dream Works Animation SKG was up 2.7 percent to close at $21.16 and Ryland Group Inc. finished the day up 2.5 percent and closed at $44.34 a share