Oil stocks suffering broad selloff has crude futures sink
Energy stocks are taking a broad beating Thursday, as reports that the U.S. is planning a large release of its crude reserves has sent oil prices sharply lower. The SPDR Energy Select Sector ETF dropped 2.2% in premarket trading, with all of its components seeing activity losing ground. Chevron Corp.'s slumped 1.7% to pace the Dow Jones Industrial Average's premarket decliners, while Dow futures rose 6 points, or 0.1%.
Energy stocks are taking a broad beating Thursday, as reports that the U.S. is planning a large release of its crude reserves has sent oil prices sharply lower. The SPDR Energy Select Sector ETF XLE dropped 2.2% in premarket trading, with all of its components seeing activity losing ground. Chevron Corp.'s CVX slumped 1.7% to pace the Dow Jones Industrial Average's DJIA premarket decliners, while Dow futures YM00 rose 6 points, or 0.1%.
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