Energy stocks tumble as crude prices extend slump amid global trade war

S&P 500 energy index .SPNY drops 3% with every component in the red early Weds, following slump in crude prices

Brent crude futures LCOc1 down 1.6% to $63.24/barrel and U.S. West Texas Intermediate crude CLc1 last off 1.7% to $59.39/barrel by 9:55 am ET

Oil prices extended declines on the session and set for biggest monthly drop since 2021 as global trade war eroded outlook for demand while concern over mounting supply also weighed O/R

Oil majors Chevron CVX.N and Exxon Mobil XOM.N down 3% and 2.3%, respectively

Oilfield services firm Baker Hughes BKR.O down 3.5%, and peer SLB SLB.N off nearly 4%

Refiners Valero VLO.N and Marathon Petroleum MPC.N down 2.5% and 3.7%, respectively

Other big losers include: APA Corp APA.O 4%, Oneok OKE.N 7%, Diamondback Energy FANG.O 3.5%, Occidental Petroleum OXY.N 3%

With move on Weds, SPNY down 14% in Apr, tracking largest monthly fall since Jun 2022, and down 6% YTD