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) , Chevron Corp. (CVX) , Schlumberger Ltd. (SLB) and Royal Dutch Shell PLC (RDS.A) were lower. The Energy Select Sector SPDR ETF (XLE) dipped 0.44%.
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