BUZZ-Australia's energy stocks hit more than 3-year low on weaker oil prices

Reuters

03-07

BUZZ-Australia's energy stocks hit more than 3-year low on weaker oil prices

** Australian energy stocks .AXEJ drop as much as 1.2% to their lowest level since December 22, 2021

** Sub-index falls for a fourth straight session, down 6.7% so far in the week in what could be its biggest weekly drop since September 6

** Oil prices dropped below $70 per barrel this week amid planned output hike announced by major producers and higher-than-expected U.S. crude stockpiles O/R

** Oil and gas major Santos STO.AX skids as much as 1.6% on Friday to its lowest since September 2021, while Woodside Energy WDS.AX drops up to 1.1%

** Sub-index down 8.5% so far this year

(Reporting by Nichiket Sunil in Bengaluru)

((Nichiket.Sunil@thomsonreuters.com;))

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