Energy stocks dominate losers list as WTI drops below $80

Data analyzing in commodities energy market: the charts and quotes on display. US WTI crude oil price analysis. Stunning price drop for the last 20 years.

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Energy stocks are the worst performers on the S&P 500 in early trading on Friday, as WTI crude oil slides below $80/bbl for the first time since January.

Front-month Nymex crude (CL1:COM) for November delivery -5.7% at $78.71/bbl, while November Brent crude (CO1:COM) -4.7% at $86.18/bbl.

Oil and gas companies dominate the S&P losers list with 12 of the 15 worst performers: (SLB) -8.4%, (APA) -8.2%, (MRO) -8.1%, (HAL) -8%, (FANG) -7.4%, (DVN) -7.1%, (HES) -7%, (COP) -6.5%, (EOG) -6.2%, (VLO) -6.2%, (PXD) -6.1%, (PSX) -6.1%.

Among notable decliners on the SPDR S&P Oil & Gas Exploration & Production ETF (NYSEARCA:XOP): (CRK) -11.5%, (EGY) -11.3%, (SU) -9.7%, (OVV) -9.5%, (CVI) -8.8%, (PBF) -8.2%.

ETFs: (NYSEARCA:XLE), (NYSEARCA:USO), (UCO), (BNO), (SCO), (USL), (DBO), (USOI), (NRGU),

Driving the selloff are fears of a hard landing for the U.S. and global economy, according to Again Capital's John Kilduff, who says using interest rates "like a mallet to the global economy" may significantly weigh on economic activity.

If crude declines further, OPEC may be forced to cut production, Nigeria Oil Minister Timipre Sylva said; the cartel and its allies earlier this month agreed to the first supply reduction in more than a year.

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