Energy Stocks Sink As Crude Oil Prices Tumble Below $50 a Barrel

By Tomi Kilgore Markets MarketWatch Pulse

Shares of oil companies were broadly and sharply lower Thursday, after OPEC's decision to extend its production plan, rather than cut it, sent crude oil prices tumbling below $50 a barrel. The SPDR Energy Select Sector ETF dropped 1.4%, bucking the rally in the broader stock market, with 32 of its 34 equity components trading lower. Among the biggest losers and most-active shares, Transocean Ltd. sank 6.2%, Chesapeake Energy Corp. slid 5.3% and Marathon Oil Corp. shed 5.2%. Among the ETF's most-heavily weighted, shares of Exxon Mobil Corp. dropped 0.7%, Chevron Corp. shed 1% and Schlumberger Ltd. gave up 2.2%. The two XLE gainers were shares of Kinder Morgan Inc. , up 0.3% and Tesoro Corp. , up 2.3%. July crude oil futures plunged 4.8% to $48.91 a barrel. While the XLE tumbled, the S&P 500 rallied 0.4% toward a record close.

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