US energy sector falls as oil drops 3% on report of possible end to Libya dispute

Murphy Oil

03/09/2024 15:13

(Updates)
    ** S&P 500 energy sector  .SPNY  falls 2.3% as Brent crude
futures  LCOc1  hit their lowest level in 2024  O/R 
    ** Brent crude futures slip 3.7% at $74.58/bbl and U.S. West
Texas Intermediate crude futures  CLc1  down 3.2% at $71.60/bbl
    ** Prices decline after Bloomberg News reported that a deal
was imminent to resolve a dispute that has halted Libyan
production and exports
    ** Crude prices also pressured by the belief that demand
being undercut due to sluggish economic growth in China, the
world's biggest crude importer
    ** Energy majors Exxon Mobil  XOM.N  and Chevron  CVX.N 
drop 2.1% and 1.8%, respectively
    ** Shares of Devon Energy  DVN.N , Phillips 66  PSX.N ,
Marathon Oil  MRO.N , Conocophillips  COP.N  fall between 2.7%
and 2.9%
    ** Diamondback Energy  FANG.O , Valero Energy  VLO.N  and
APA Corp  APA.O  are among the top pct losers on the energy
index, down between 3% and 3.4%

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