News

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

Russia overtook US as gas supplier to Europe in May
Apple set to be first Big Tech group to face charges under EU digital law
Stock splits are back in fashion. Here’s why, and which companies could be next
Officer on Sunak protection detail arrested over alleged bet on timing of UK poll
Poll predicts Rishi Sunak to lose seat in Tory wipeout