BUZZ-US energy stocks fall as oil slides on report of possible US-Iran deal
Marathon Petroleum Corporation MPC | 0.00 | |
Occidental Petroleum Corporation OXY | 0.00 | |
Halliburton Company HAL | 0.00 | |
Phillips 66 PSX | 0.00 | |
Chevron Corporation CVX | 0.00 |
** Shares of U.S. energy companies fall premarket, tracking decline in oil prices
** Brent crude futures LCOc1 down 6.1% at $103.17/barrel; U.S. West Texas Intermediate CLc1 6.6% lower at $95.50/barrel
** Oil prices slumps to two-week lows after Axios reported that Washington believed it was close to a one-page framework agreement with Iran to end the war
** Both benchmarks were on track for their biggest daily declines in both percentage and absolute terms since mid-April, having shed about 4% in the previous session
** The U.S. expects Iranian responses on several key points in the next 48 hours, Axios reported, though nothing has yet been agreed; the report said this was the closest the parties have come to an agreement since the war began
** Energy majors Exxon XOM.N and Chevron CVX.N down 2.8% and 2.9%, respectively
** Oil and gas producers Occidental Petroleum OXY.N fell 5.7%%, SM Energy SM.N down 4.6% and ConocoPhillips COP.N slumps 3.1%
** Oilfield services companies Baker Hughes BKR.O down 2% and Halliburton HAL.N fall 2.6%
** Refiners Marathon Petroleum MPC.N and Phillips 66 PSX.N down 3.2% and 2.3%, respectively