Energy sector declines as demand fears pressure crude prices

Callon Petroleum Co

04/10/2023 16:25

(Updates)
    ** S&P 500 Energy Sector  .SPNY  declines 3.3%, tracking a
more than 3% fall in crude prices
    ** Brent crude oil  LCOc1  down 3.4% at $87.85/bbl, while 
U.S. West Texas Intermediate crude (WTI)  CLc1  falls 3.3% to
$86.30/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 3.6% ad 3.1%, respectively
        ** Marathon Petroleum  MPC.N , SLB  SLB.N , Halliburton 
 HAL.N , Marathon Oil  MRO.N , APA  APA.O  and Phillips 66
 PSX.N  among top pct decliners on the energy index, between
4.4% and 5%

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