: Energy stocks to extend 2023 reversal as oil prices keep falling


The energy sector is headed for a second-straight selloff to start the new year, as crude oil prices kept slumping on concerns over a global economic slowdown. The SPDR Energy Select Sector ETF XLE, -1.16% dropped 1.3% in premarket trading, with all 23 equity components losing ground, after falling 3.5% on Tuesday. The ETF (XLE) was the best performing SPDR tracker of the S&P 500’s SPX, +0.53% 11 sectors in 2022, as it soared 57.6% last year, but is so far the worst performer this year. Among the more-active XLE components ahead of Wednesday’s open, shares of Occidental Petroleum Corp. OXY, -1.20%, which was the S&P 500’s top performer in 2022 with a 117.3% gain, lost 1.8% in Tuesday’s premarket after shedding 3.1% on Tuesday. Elsewhere, shares of Phillips 66 PSX, -0.59% declined 1.5% premarket, Marathon Oil Corp. MRO, -2.06% gave up 1.7%, Exxon Mobil Corp. XOM, -1.14% fell 1.4% and Devon Energy Corp. DVN, -1.69% was down 1.8%. Meanwhile, crude oil futures CL.1, -3.26% slumped 2.5%, after dropping 4.1% on Tuesday, while S&P 500 futures ES00, +0.76% rose 0.6% after giving up 0.4% on Tuesday.

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

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