Energy Stocks Sink To 3-Month Low As Oil Crashes 5%—But Rare Sign Of Hope For Gas Prices

📆 05/10/2023 04:40:00
📰 Forbes

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Over 300 Alleged Sexual Abuse Victims Sue Columbia University—Claim Ex-Gynecologist Richard Hadden Is ‘Most Prolific’ Predator In N.Y. HistoryEnergy stocks and crude oil prices alike collapsed Wednesday as investors digested new concerns about falling demand amid an increasingly shaky macroeconomic environment, though the slide came with a silver lining for American consumers.International oil benchmark Brent crude tanked 5.1% to $86.

The XLE exchange-traded fund tracking S&P 500 energy stocks fell some 3.2% in Wednesday trading to its lowest close since July 28.to GasBuddy, hitting its lowest level in two months. Those hoping for gas prices, a key input for inflation, to come down further willdue in part to instability associated with Russia’s invasion of Ukraine. After declining more than 10%, crude prices began creeping back up this summer,their highest level of 2023 last month.

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