Skip to main content

The energy sector was among the worst performers on Thursday, Oct. 12, as crude oil prices saw a sharp decline. 

Crude sold off even after a weekly reading on crude oil inventories tumbled. Crude stockpiles fell by 2.8 million barrels in the past week, a deeper drop than an expected decline of 2 million barrels. Gasoline stockpiles increased, while distillates fell.

Stockpiles have receded in the past few weeks as operational refineries continue to work through the buildup in stocks caused by Hurricane Harvey.

TheStreet Recommends

West Texas Intermediate crude was down 1.5% to $50.53 a barrel on Thursday.

Energy stocks were among the worst performers on Thursday. Major oilers such as Exxon Mobil Corp. (XOM) - Get Exxon Mobil Corporation Report , Chevron Corp. (CVX) - Get Chevron Corporation Report , Schlumberger Ltd. (SLB) - Get Schlumberger NV Report and Royal Dutch Shell PLC (RDS.A) were lower. The Energy Select Sector SPDR ETF (XLE) - Get Energy Select Sector SPDR Fund Report dipped 0.44%.

Schlumberger is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio.Want to be alerted before Cramer buys or sells SLB? Learn more now.

More of What's Trending on TheStreet: