Oil stocks take a broad beating as crude prices sink


The energy sector took a broad beating Friday, and was the weakest of the S&P 500’s SPX, -0.14% 11 key sectors, after crude oil prices were slapped down by fears that rising COVID cases in Europe will drive down demand. The SPDR Energy Select Sector ETF XLE, -3.90% dropped 3.5%, with all 21 equity components losing ground, and has lost 5.5% amid a three-day losing streak. The biggest loser was Devon Energy Corp.’s stock DVN, -6.28%, which slid 5.6%. Among other more active components, shares of Exxon Mobil Corp. XOM, -4.62% slumped 4.3%, Marathon Oil Corp. MRO, -5.02% gave up 4.3%, Occidental Petroleum Corp. OXY, -4.96% lost 4.9%, Schlumberger Ltd. SLB, -5.68% fell 5.1% and Chevron Corp. CVX, -2.22% declined 2.2%. Meanwhile, crude oil futures CL00, -3.48% shed 3.7% toward a seven-week low. The energy sector ETF has still run up 19.8% over the past three months, while crude oil futures have climbed 18.9% and the S&P 500 SPX, -0.14% has gained 7.0%.

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

Previous articleNewsWatch: Here’s what history says about stock-market performance during the Thanksgiving week
Next articleFed may need to accelerate its ‘taper,’ says board of governors member


Please enter your comment!
Please enter your name here