US energy sector declines on Saudi price cuts, rise in OPEC output

Callon Petroleum Co

08/01/2024 15:07

(Updates)
    ** S&P 500 Energy Sector  .SPNY  declines ~3%, tracking a
fall in crude prices  O/R 
    ** Brent crude  LCOc1  down 4.2% at $75.48/bbl and U.S. West
Texas Intermediate crude  CLc1  down 4.7% at $70.41/bbl after
sharp price cuts by top exporter Saudi Arabia and a rise in OPEC
output offset Middle East supply concerns
    ** Energy majors Chevron  CVX.N  and Exxon Mobil  XOM.N 
down 1.84% and 2.9%, respectively
    ** EOG Resources  EOG.N , Marathon Oil  MRO.N , Targa
Resources  TRGP.N , Baker Hughes  BKR.O , SLB  SLB.N  and
Halliburton  HAL.N  are among the top pct. losers on the energy
index, down between 3.2% and 4.2%
    ** Saudi Arabia on Sunday cut the February price of its
flagship Arab Light crude to Asian customers to the lowest level
in 27 months

 (Reporting by Vallari Srivastava)
 ((Srivastava.Vallari@thomsonreuters.com;))