Energy stocks tumbled on Tuesday, falling in tandem with oil prices in response to cooling demand for fuel in the US and China.
Shares in large oil companies including Chevron, ConocoPhillips and Marathon Oil each lost more than 3.5 per cent, while Houston-based Halliburton fell by more than 8 per cent. ExxonMobil closed almost 4 per cent lower.
The stock moves came a day after Opec+ began its latest cut to production. Recession fears have curbed fuel demand in the US while demand has not fully recovered in China, which has reported weaker economic data after emerging from its pandemic-related lockdowns.
International oil benchmark Brent crude and US marker West Texas Intermediate each settled about 5 per cent lower.
Credit: Source link
