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) 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) 2.6% decline to Halliburton Co.'s (HAL) 5.6% fall. Elsewhere, shares of Chevron Corp. (CVX) slid 3.6% to pace the Dow Jones Industrial Average's decliners. Among the other more-active components, shares of Exxon Mobil Corp. (XOM) shed 4.2%, Occidental Petroleum Corp. (OXY) slumped 4.5%, Devon Energy Corp. (DVN) gave up 5.1% and Marathon Oil Corp. (MRO) declined 5.4%. Meanwhile, continuous crude oil futures were down 5.3% toward the lowest settlement since Jan. 28, and the S&P 500 lost 0.4%.
(END) Dow Jones Newswires
August 15, 2022 09:41 ET (13:41 GMT)
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