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Crude oil tumbles below $50, sinking energy stocks

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eFinanceMarkets   Thursday, 05/25/17 04:35:33 PM
Re: eFinanceMarkets post# 137
Post # of 156 
Crude oil tumbles below $50, sinking energy stocks

Crude oil prices plunge as much as 5% after OPEC's decision to extend production cuts fell short of hopes for deeper or longer cuts; WTI -3.9% at $49.35/bbl and Brent -3.7% at $51.96/bbl, fall sharply lower after paring early losses throughout the morning.

"A nine-month extension of the output cuts is already baked into prices," says Olivier Jakob, energy markets analyst at Swiss consultancy Petromatrix, adding that "this shows there's not much more OPEC can do."
Shares of oil and gas companies are sharply lower, bucking the rally in the broader stock market, with 32 of 34 components of the SPDR Energy Select Sector ETF (XLE -1.4%) showing losses.

Among the biggest and most active losers: RIG -5.9%, CHK -4.5%, MRO -5.5%, WLL -7.4%, COP -3.5%.
The two XLE gainers are TSO +2.3%, KMI +0.6%.

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