US energy stocks slip as Iran peace talks weigh on crude
USO•The S&P 500 energy index fell 2.1% as Brent crude dropped 6.2% to $106.45 a barrel and US West Texas Intermediate fell 6.5% to $97.40. Hopes for easing Middle East supply disruptions followed talks between Iranian and Qatari officials.
1. Energy shares decline
US energy stocks fell as crude prices dropped. ExxonMobil and Chevron declined 2.4% and 2%, respectively, while Valero Energy, Occidental Petroleum and Devon Energy fell between 3.1% and 3.9%.
2. Crude prices retreat
Brent crude futures fell 6.2% to $106.45 a barrel, and US West Texas Intermediate crude declined 6.5% to $97.40. Prices fell as talks between Iranian and Qatari officials raised hopes of easing Middle East supply disruptions. Iran's president said the supreme leader had granted the government certain powers to pursue peace negotiations.
