Energy stocks suffer broad selloff as crude oil prices drop toward 7-month low

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Shares of energy companies took a broad beating Monday, as crude oil futures sank toward seven-month lows amid demand concerns as China’s economy slows. The SPDR Energy Select Sector ETF XLE, -3.45% dropped 4.2% in morning trading, with all 21 equity components losing ground, after closing Friday at a two-month high. The component losses ranged from Kinder Morgan Inc.’s KMI, -1.55% 2.6% decline to Halliburton Co.’s HAL, -4.78% 5.6% fall. Elsewhere, shares of Chevron Corp. CVX, -3.01% slid 3.6% to pace the Dow Jones Industrial Average’s DJIA, +0.01% decliners. Among the other more-active components, shares of Exxon Mobil Corp. XOM, -3.69% shed 4.2%, Occidental Petroleum Corp. OXY, -3.43% slumped 4.5%, Devon Energy Corp. DVN, -4.62% gave up 5.1% and Marathon Oil Corp. MRO, -5.01% declined 5.4%. Meanwhile, continuous crude oil futures CL00, -4.62% were down 5.3% toward the lowest settlement since Jan. 28, and the S&P 500 SPX, -0.16% lost 0.4%.

This article was originally published by Marketwatch.com. Read the original article here.

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