Russia accuses Ukraine of Putin assassination attempt

Energy stocks tumbled on Tuesday, falling in tandem with oil prices in response to cooling demand for fuel in the US and China.

Shares in large oil companies including Chevron, ConocoPhillips and Marathon Oil each lost more than 3.5 per cent, while Houston-based Halliburton fell by more than 8 per cent. ExxonMobil closed almost 4 per cent lower.

The stock moves came a day after Opec+ began its latest cut to production. Recession fears have curbed fuel demand in the US while demand has not fully recovered in China, which has reported weaker economic data after emerging from its pandemic-related lockdowns.

International oil benchmark Brent crude and US marker West Texas Intermediate each settled about 5 per cent lower.

Articles You May Like

Biden pins blame for Russian battlefield victory on Congress inaction
Hungary to ratify Sweden’s Nato membership
Trump ordered to pay more than $350mn in New York fraud case
House of Commons descends into chaos over Gaza vote
Mortgage demand takes a massive hit as interest rates cross back over 7%