Energy sector declines as demand fears pressure crude prices

Callon Petroleum Co

04/10/2023 15:23

(Updates)
    ** S&P 500 Energy Sector  .SPNY  declines 2.6%, tracking a
more than 2% fall in crude prices
    ** Brent crude oil  LCOc1  down 2.7% at $88.44/bbl, while 
U.S. West Texas Intermediate crude (WTI)  CLc1  falls 2.8% to
$86.71/bbl, as prices remain under pressure from demand fears
driven by macroeconomic headwinds  O/R 
    ** Pledges by Saudi Arabia and Russia to continue crude
output cuts to the end of 2023 were offset by demand fears
stemming from macroeconomic headwinds
    ** Oil majors Exxon Mobil  XOM.N  and Chevron  CVX.N 
decline 2.4% and 2.5%, respectively
    ** Occidental Petroleum  OXY.N , Valero  VLO.N , APA
 APA.O , Marathon Petroleum  MPC.N  and Phillips 66  PSX.N 
among top pct decliners on the energy index, between 3.2% and
4.5%

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))