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Monday, 6 February 2017

US oil stocks hit on rising supply worries

US oil stocks hit on rising supply worries:

"The US energy sector took a hit on Monday amid rising concerns that American drillers will be pumping oil more aggressively with crude prices sitting north of $50 a barrel.

The S&P 500 energy sector slipped on Monday by 1 per cent, leading the decline on the benchmark index. Transocean, an operator of offshore oil rigs, was among the worst performers, falling by 3 per cent to $13.45.

Meanwhile, exploration and production companies that are seen as sensitive to fluctuations in the oil price also took a hit. Marathon Oil declined by 3.7 per cent to $16.59, while Apache was down by 2.9 per cent to $57.94."

'via Blog this'