Oil prices have dipped below $100 for the first time since mid-March, causing stocks associated with the sector to fall.
Brent crude oil fell 4.36% to $98.30, while WTI (West Texas Intermediary) fell 4.22% to $94.11. Crude prices have been on an unprecedented rally since February, when Russia invaded Ukraine, pushing prices to levels unseen since 2014.
U.S. President Joe Biden, under pressure to relieve high energy prices, announced recently that the United States will release up to 180 million barrels of oil per day for six months from its reserve as a hedge against fears of Russian supply chain disruption.
Here are 10 energy stocks to keep an eye on while oil prices settle into its next trading range.
- Exxon Mobil Corp XOM
- Chevron Corporation CVX
- Devon Energy Corp DVN
- Occidental Petroleum Corporation OXY
- Southwestern Energy Company SWN
- Halliburton Company HAL
- W&T Offshore, Inc. WTI
- Peabody Energy Corporation BTU
- Schlumberger NV SLB
- Valero Energy Corporation VLO