Energy stocks hit new lows as Brent crude trades below $70 a barrel
Updates
** Shares of oil and gas companies fall in afternoon trading, with several of them hitting their lowest in more than a year, tracking declines in crude prices O/R
** Brent crude LCOc1 down 3.6% at $69.24/bbl, trading below $70 a barrel for thefirst time since Dec. 2021, after OPEC+ revised down its demand forecast for this year and 2025
** U.S. West Texas Intermediate crude CLc1 down 4.2% at $65.83/bbl
** "Risk assets and oil in particular have fallen out of favor of investors. What has been on display since mid-April is a continuous downtrend, which ... is defined as consecutive lower highs and lower lows" - Tamas Varga of PVM Energy
** Energy major Exxon Mobil XOM.N down 3.5%; ChevronCVX.N slips 2.1% to more than a two-year low of $137.15
** Occidental PetroleumOXY.N down 1.7% at $51.08, lowest since April 2022; SLB SLB.N down 3.3% at a near-two year low
** HalliburtonHAL.N loses 2.1%, hitting its lowest since May 2023; OvintivOVV.N 4.6% at $38.46, lowest since July 2023
** Devon EnergyDVN.N drops 2.8% at $40.20, its lowest since Dec. 2021
** S&P 500 energy sector .SPNY drops 2.1%; YTD, it has gained about 1% vs a 14.8% increase in the S&P 500 index .SPX
Reporting by Vallari Srivastava in Bengaluru
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