Energy stocks were leading the broader stock market's declines Thursday, as crude oil prices suffered a second-straight sharp selloff (Hess Corp. (HES), down 6.8% and Diamondback Energy Inc. (FANG), down 6.1%. Among other more active XLE components, shares of Occidental Petroleum Corp. (OXY) gave up 2.5%, Halliburton Co. (HAL) shed 5.2%, Exxon Mobil Corp. (XOM) lost 2.4%, Chevron Corp. (CVX) shed 2.6% and Kinder Morgan Inc. (KMI) declined 1.9%. Crude oil futures dropped 4.2%, after falling 2.7% on Wednesday.) amid concerns over both weaker demand and increased supply. The SPDR Energy Select Sector ETF (XLE) droppped 3.3% toward a 4 1/2-month low, and was by far the biggest decliners of the SPDR ETFs tracking the S&P 500's 11 sectors, while the S&P 500 shed 1.3%. All 29 of the ETF's (XLE) equity components were losing ground, led by shares of
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 23, 2019 09:52 ET (13:52 GMT)
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