Energy Stocks Dive As Crude Oil Prices Tumble On Doha Failure

Shares of oil and gas companies took a dive in premarket trade Monday, after a failed deal among Middle East oil producers to curb production sent crude oil prices sharply lower. The SPDR Energy Select Sector ETF dropped 2.2% ahead of the open, with all of its components seeing premarket activity trading lower. Among the more active components, shares of Exxon Mobil Corp. shed 1.7%, of Chevron Corp. slid 1.7%, of Kinder Morgan Inc. slumped 2.7%, of Chesapeake Energy Corp. tumbled 6.1% and of Transocean Ltd. lost 4.2%. The selloff in the sector comes two sessions after the energy ETF closed at a 4 1/2-month high. May crude oil futures plunged 4%, as Iran's refusal to show up at the meeting over the weekend prompted Saudi Arabia to walk away.