Oil Companies Dip as Crude Hits 11-Day Low on Diplomacy Hopes, Saudi Exports
Energy majors Exxon Mobil and Chevron fell 2.7% and 1.8% respectively, while Occidental Petroleum, ConocoPhillips, Diamondback Energy, and Halliburton Company dropped between 2.3% and 3% as the S&P 500 energy index fell 1.9%. Brent crude futures were down 3.3% at $100.6/barrel and US West Texas Intermediate crude was down 4% at $96.28/barrel, reaching an 11-day low. Investors are hopeful about diplomatic progress over Iran, with a UN meeting this week, and are also watching for a partial recovery in Saudi Arabian shipments.
9%, tracking the drop in crude prices. Oil prices slid to an 11-day low as investors pinned hopes on diplomatic progress over the Iran war due to this week's UN meeting and looked for a partial recovery in shipments from Saudi Arabia. 28 a barrel. 8%, respectively.
3% and 3% and were among the top percentage losers on the energy index. 9%.