Oil stocks fall as US recession fears spark selloff

Permian Resources

05/08/2024 12:33

** Shares of oil and gas companies fall in premarket
trading, tracking a decline in crude prices  O/R 
    ** Brent crude futures  LCOc1  falls 1.4% to $75.69 a barrel
and U.S. West Texas Intermediate crude futures  CLc1  down 1.6%
at $72.33 a barrel, as fears of a recession in U.S. offset
supply worries due to tensions in the Middle East
    ** "Although geopolitical tensions in the Middle East
initially raised concerns about potential disruptions in oil
supplies, these fears have diminished compared to the concerns
on the economy, leading to prices settling at multi-week lows,"
- Joseph Dahrieh, managing principal at Tickmill
    ** Energy majors Exxon Mobil  XOM.N  and Chevron  CVX.N 
slip 1.6% and 1.1%, respectively
    ** Shares of Occidental Petroleum  OXY.N , Permian Resources
 PR.N , EQT  EQT.N , APA Corp  APA.O  and Marathon Oil  MRO.N 
fall between 1.2% and 3.9%
    ** Shares of oilfield services firms Halliburton  HAL.N  and
SLB  SLB.N  drop 2.6% and 3.4%, respectively
    ** Refiner PBF Energy  PBF.N  falls 1.4%
    

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