OPEC Disappoints the Market With Modest Production Cuts

Global crude prices fell sharply Friday on concerns President Trump's decision to leave the Paris Accord on climate change could spark increased drilling and production rates.

Author:: TheStreet Staff
Publish date:: Jun 2, 2017 10:49 AM EDT

U.S. energy stocks fell on Friday as oil continued its slide that began when OPEC disappointed the market with more modest-than-expected production cuts and Exxon Mobil (XOM) - Get Report shares stand at a 52-week low following the company's most contentious annual meeting in years.

The iShares Energy Select Sector Spyder (XLE) - Get Report, the ETF that tracks the energy sector, shed 0.3% in pre-market trading.

Global crude prices fell sharply Friday on concerns Donald Trump's decision to leave the Paris Accord on climate change could spark increased drilling and production rates from American oil companies. Trump pledged to quit the nearly-200 nation agreement on the campaign trail, but after his election hope surged that he might change his mind. Prices have already been under pressure in recent days on worries over a global supply imbalance.

Energy Stocks Fall, Exxon at 52-Week Low as New York Turns up Heat on its Climate Suit

This article was written by a staff member of TheStreet.