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BUZZ-Energy firms fall on lower oil prices

ReutersJan 31, 2025 3:14 PM

S&P 500 energy index .SPNY falls ~2% as oil prices dip

Brent crude futures LCOc1 down 0.4% at $76.59 a barrel; U.S. West Texas Intermediate (WTI) crude CLc1 falls ~0.9% to $72.08 a barrel

U.S. oil majors Chevron CVX.N and Exxon XOM.N report results, with CVX missing Wall Street expectations and XOM beating estimates, but both were hit by weakness in their refining segment

Shares for both companies were down 4.1% and 2.2%, respectively

Prime Minister Justin Trudeau said Canada would respond immediately with a series of forceful countermeasures if U.S. President Donald Trump goes ahead with plans to impose tariffs

*Top losers in E&P sector are names such as Hess HES.N, down 4.4%, Occidental OXY.N, down ~4%, and Diamondback Energy FANG.O, down 3.3%

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