Energy sector declines ahead of Federal Reserve meeting

PDC Energy

12/06/2023 17:42

(Updates)
    ** S&P Energy sector  .SPNY  down 1.2%, tracking multi-week
low crude prices 
        ** Oil falls as analysts highlighted rising global
supplies and concerns about demand growth, just ahead of key
inflation data and a U.S. Federal Reserve meeting later this
week  O/R 
  
        ** Brent crude futures  LCOc1  slip 3.2% to $72.36 a
barrel, while U.S. West Texas Intermediate crude  CLc1  falls
3.7% to $67.58 per barrel
    ** Concerns about China's fuel demand growth and rising
Russian crude supply also weigh
    ** Oil majors Chevron  CVX.N  and Exxon Mobil  XOM.N  down
1.2% and 1.3%, respectively
    ** Hess  HES.N , Marathon Oil  MRO.N , ConocoPhillips
 COP.N , Pioneer Natural Resources  PXD.N  and Diamondback
Energy  FANG.O  among the top pct decliners on the energy index,
down between 1.7% and 2.1%
    ** Of the 11 major S&P 500 sectors, Energy  .SPNY  is the
worst performer on Monday

 (Reporting by Arshreet Singh)
 ((Twitter: https://twitter.com/Arshreets))