S&P Energy index extends slide on U.S. crude build, OPEC+ output increase, tariffs tumult

S&P 500 energy index .SPNY slides >3% to lowest since Dec 23 on Weds, tracking third straight day of declines in crude prices O/R

Brent crude futures LCOc1 fell 3.1% to $68.85/barrel and U.S. West Texas Intermediate crude CLc1 declined 3.7% to $65.71/barrel by 10:49 a.m. EST

Oil prices extend losing streak on Weds after U.S. crude inventories posted larger-than-expected build, adding to concerns about OPEC+ plans to proceed with output increases in Apr, and as U.S. President Donald Trump's tariffs on Canada, China and Mexico escalated trade tensions

Oil majors Chevron CVX.N and Exxon Mobil XOM.N down 2.7% and 3.4%, respectively

Oilfield services firm Baker Hughes BKR.O down 2.8%, and peer SLB SLB.N off 1.6%

Refiners Valero VLO.N and Marathon Petroleum MPC.N down ~6% and 6.3%, respectively

Other big losers include APA Corp APA.O down 4.5%, Diamondback Energy FANG.O 3.4% and Occidental Petroleum OXY.N 3.8%

With moves on Weds, SPNY down ~7.5% this week and off 2.6% YTD. This compares to ~3.5% drop in S&P 500 WTD and its >2% decline to begin 2025