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U.S. oil prices continued to slide, dropping 0.7% to $60.23 a barrel after entering a bear market Thursday, a decline of more than 20% from their Oct. 3 high. Brent crude, the global benchmark, fell 0.7% to $70.14 a barrel, inching closer to a bear market . The moves continued to weigh on energy stocks, with the sector falling 0.5%. “I think it’s a bit of an overreaction from the stock side relative to oil as a commodity,” said Derek Rollingson, portfolio manager at ICON Advisors. “Many of these energy companies have spent a lot of time hedging their oil production.” Renewed concerns over rising global output and signs of deteriorating demand have weighed on crude prices this week, and more gyrations could be on the horizon. Data from Baker Hughes on the U.S. oil rig-count, viewed as a proxy for activity in the energy sector, is on tap Friday. The selloff in oil has accelerated this week as U.S. oil inventories hit a five-month high. Delegates from the Organization of the Petroleum Exporting Countries will have those figures in mind when they meet with non-OPEC members this weekend in Abu Dhabi. “Markets currently see dropping oil prices as […]
