Oil, Gas Fall on Economic Worries Monday, May 23, 1:32 PM ET
Crude oil futures are falling today as worries about European economies increase concerns for the global economy.
At issue is a decline in Italy’s perceived credit quality as well as continued concerns about Greece’s debt.
Crude oil is trading around $97 a barrel on Monday morning.
The DB Oil Fund (AMEX:
DBO) is trading lower by over 2.5%.
The Energy Select Sector SPDR Fund (AMEX:
XLE), with top stocks like Exxon Mobil (NYSE: XOM), Chevron (NYSE: CVX) and Schlumberger (NYSE: SLB) is trading lower by over 1.1% Monday.
The Dow Jones U.S. Energy Sector Index Fund (AMEX:
IYE), with similar top holdings, is trading down over 1.1%.
The Oil Services HOLDRS (AMEX:
OIH) is trading lower by over 1.5% Monday, on the backs of top holdings Schlumberger, Baker Hughes (NYSE: BHI) and Halliburton (NYSE: HAL).
Nat gas is taking a hit today as well, and the First Trust ISE-Revere Natural Gas Index Fund (AMEX:
FCG) is trading down over 1.5%.
For MarketNewsVideo.com, I’m Kristin Bianco.
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Oil, Gas Fall on Economic Worries
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