Oil Falls To $55 And Energy Stocks Suffer Worst Day Since April
Oil prices fell to $55 amid hopes for a Russia-Ukraine peace deal, leading to a significant drop in energy stocks. West Texas Intermediate crude fell 2.6%, marking its fourth consecutive decline. Energy stocks, including Phillips 66 and TechnipFMC, suffered their worst day since April, with the Energy Select Sector SPDR Fund dropping 2.9%. The decline was driven by optimism for a ceasefire and potential easing of sanctions on Russian energy exports, alongside concerns over abundant supply and weakening demand.
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