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.
Copyright © 2017 MarketWatch, Inc.
Continue Reading Below