Oil Sinks Along With Stock Market - TheStreet

Crude futures fell hard Monday, along with the sensational drop in the U.S. equities market.

October West Texas crude lost $5.47 to $95.71 a barrel, and Brent crude slid $3.39 to $92.60 a barrel.

Reformulated gasoline dropped 15 cents to $2.54 a gallon, heating oil lost 26 cents to $2.54 a gallon, and near-month natural gas fell a penny to close at $7.36 per million British thermal units.

Cramer: Stocks to Buy When Oil Drops

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The decline in energy prices came as destruction assessment of oil rigs off the Gulf of Mexico is under way after Hurricane Ike slammed into Texas on Saturday. The storm hit the Texas coastline, causing infrastructure damage that's likely to disrupt oil supply to some extent.

Elsewhere, energy stocks suffered a severe beating Monday.

BP

(BP) - Get Report

fell 5.2% to $51.93,

ConocoPhillips

(COP) - Get Report

lost 6.4% to $68.72,

Chevron

(CVX) - Get Report

sank 4.9% to $80.09, and

Exxon Mobil

(XOM) - Get Report

slid 5.5% to $73.25.

The

U.S. Oil Fund

(USO) - Get Report

, an exchange-traded fund that closely tracks the value of WTI futures contracts on the Nymex, dropped 6.4% to $76.30.