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.
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 Report) , Chevron Corp. (CVX - Get Report) , Schlumberger Ltd. (SLB - Get Report) and Royal Dutch Shell PLC (RDS.A - Get Report) were lower. The Energy Select Sector SPDR ETF (XLE - Get Report) dipped 0.44%.
More of What's Trending on TheStreet: