The energy sector was suffering a broad selloff Monday, as worries that the recent bank failures will trigger an economic slowdown which saps demand for crude oil. The Energy Select Sector SPDR exchange-traded fund XLE sank 2.8% in premarket trading, with all 23 of its equity components losing ground. Among the more active components, shares of Occidental Petroleum Corp. OXY shed 3.2%, Devon Energy Corp. DVN lost 3.2%, Marathon Oil Corp. MRO slid 3.8%, Exxon Mobil Corp. XOM gave up 2.
The energy sector was suffering a broad selloff Monday, as worries that the recent bank failures will trigger an economic slowdown which saps demand for crude oil. The Energy Select Sector SPDR exchange-traded fund XLE sank 2.8% in premarket trading, with all 23 of its equity components losing ground. Among the more active components, shares of Occidental Petroleum Corp. OXY shed 3.2%, Devon Energy Corp. DVN lost 3.2%, Marathon Oil Corp. MRO slid 3.8%, Exxon Mobil Corp. XOM gave up 2.
$boil is up