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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 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) 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), which slid 5.6%. Among other more active components, shares of Exxon Mobil Corp. (XOM) slumped 4.3%, Marathon Oil Corp. (MRO) gave up 4.3%, Occidental Petroleum Corp. (OXY) lost 4.9%, Schlumberger Ltd. (SLB) fell 5.1% and Chevron Corp. (CVX) declined 2.2%. Meanwhile, crude oil futures 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 has gained 7.0%.

-Tomi Kilgore

 

(END) Dow Jones Newswires

11-19-21 1234ET

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