Market Watch
William Watts
Aug. 16, 2018
An ugly week for commodities overall finally caught up to oil futures, while shares of energy companies paid the price in the stock market. But sellers may have taken things too far when it comes to the energy sector, analysts said Thursday.
The U.S. oil benchmark CLU8, +0.58% closed at a 10-week low on Wednesday, while Brent LCOV8, +0.57% the global benchmark, posted its lowest settlement since early April. The pinch came from a combination of continued strength in the U.S. dollar and an unexpected rise in U.S. inventories.
Energy shares took it on the chin, with the Energy Select Sector SPDR exchange-traded fund XLE, +1.20% falling 3.5% Wednesday to post its lowest close since April 13. The index bounced back 0.7% on Thursday as oil futures edged higher, but still leaving the down more than 3.9% for the week and more than 6% in August.
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https://www.marketwatch.com/story/the-energy-sector-is-off-the-charts-oversold-2018-08-16?mod=newsviewer_click
