Oil stocks take a broad beating as crude prices sink

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The energy sector took a broad beating Friday, and was the weakest of the S&P 500’s
SPX,
-0.14%
11 key sectors, after crude oil prices were slapped down by fears that rising COVID cases in Europe will drive down demand. The SPDR Energy Select Sector ETF
XLE,
-3.90%
dropped 3.5%, with all 21 equity components losing ground, and has lost 5.5% amid a three-day losing streak. The biggest loser was Devon Energy Corp.’s stock
DVN,
-6.28%,
which slid 5.6%. Among other more active components, shares of Exxon Mobil Corp.
XOM,
-4.62%
slumped 4.3%, Marathon Oil Corp.
MRO,
-5.02%
gave up 4.3%, Occidental Petroleum Corp.
OXY,
-4.96%
lost 4.9%, Schlumberger Ltd.
SLB,
-5.68%
fell 5.1% and Chevron Corp.
CVX,
-2.22%
declined 2.2%. Meanwhile, crude oil futures
CL00,
-3.48%
shed 3.7% toward a seven-week low. The energy sector ETF has still run up 19.8% over the past three months, while crude oil futures have climbed 18.9% and the S&P 500
SPX,
-0.14%
has gained 7.0%.

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