Energy Stocks Fall as Oil Prices Are Rocked by Spread of Coronavirus

Concern about the spread of the coronavirus has energy stocks falling along with the broader market.
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Energy stocks were falling across the board along with slumping oil prices as coronavirus concern weighed on the broad market.

Over the weekend, the number of reported coronavirus cases spiked, leading to Monday’s selloff. 

Chinese authorities on Monday reported more than 400 new cases, bringing the number of confirmed cases globally to 77,150, according to China’s National Health Commission. 

The organization also reported 150 new deaths, bringing the toll from the outbreak in mainland China to 2,592.

Benchmark Brent Crude prices were down 4.6%, or $2.66, to $55.84 a barrel. U.S. benchmark West Texas crude prices were down 4.3%, or $2.29, to $51.09.

Shares of the SPDR S&P Oil & Gas Exploration ETF  (XOP) - Get Report traded down as much as 6.3% to $17.61, a 52-week low for the exchange-traded fund. 

Among major energy stocks:

  • ExxonMobil  (XOM) - Get Report was off 3.6% at $56.98.
  • Chevron  (CVX) - Get Report eased 3.2% to $105.55.
  • Apache Corp APA shares were down 6.6% to $26.53.
  • WPX Energy  (WPX) - Get Report shares gave up 7.5% to $10.95.
  • Occidental Petroleum  (OXY) - Get Report shares dropped 4.8% to $40.12.
  • ConocoPhillips  (COP) - Get Report fell 3.6% to $56.33.
  • Marathon Petroleum  (MPC) - Get Report declined 5.9% to $55.65.
  • Devon Energy  (DVN) - Get Report lost 7.6% to $19.39.

Stocks more broadly fell sharply on Monday as investors worried about how the global spread of the coronavirus, which now has been found in more than two dozen countries, will affect economies in China and worldwide.

Italy confirmed 150 cases of the virus, with officials verifying at least three deaths in Europe's third-largest economy. 

Iran has said as many as eight people have died, while the number of coronavirus cases in South Korea has jumped to just under 800, the most outside China.