Oil firms fall as US-China trade war escalates

S&P 500 energy index .SPNY falls 5% as oil prices fall O/R

Brent crude futures LCOc1 fell 3.5% to $63.21/barrel and U.S. West Texas Intermediate crude futures CLc1 were down 3.6% at $60.09/barrel

Prices declined as fears of a deepening U.S.-China trade war and possible recession eclipsed earlier relief created by President Donald Trump's 90-day pause on sweeping tariffs against most countries

Energy majors Exxon Mobil XOM.N and Chevron CVX.N lose 3.4% and 3.9%, respectively

ConocoPhillips COP.N, Occidental Petroleum OXY.N, Devon Energy DVN.N and APA Corp APA.O down between 8.3% to 12.5%; among top percentage losers on the energy index

Oilfield services companies Baker Hughes BKR.O and SLB SLB.N down 4.3% and 6.6%, respectively

Refiners Valero Energy VLO.N and Phillips 66 PSX.N down 5.7% and 6%, respectively