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Energy sector suffers broad selloff, as Evergrande fears even weigh on crude oil prices

The energy sector was suffering a broad selloff Monday, and was the hardest hit of the S&P 500's 11 sectors, as worries that China-baed property developer China Evergrande Group could default sent shivers through financial markets, including the crude oil market. The SPDR Energy Select Sector ETF (XLE) dropped 5.4% in afternoon trading with all 22 equity components losing ground, putting the ETF on track for the biggest one-day selloff in 10 months. Among the ETF's most-active components, shares of Exxon Mobil Corp. (XOM) slid 3.7%, Occidental Petroleum Corp. (OXY) shed 6.7%, Marathon Oil Corp. (MRO) slumped 5.9%, Chevron Corp. (CVX) was down 3.3% and Kinder Morgan Inc. (KMI) gave up 2.8%. Meanwhile, crude oil futures fell 2.2% and the S&P 500 sank 2.6%.

-Tomi Kilgore

 

(END) Dow Jones Newswires

09-20-21 1455ET

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