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BUZZ-Energy companies fall as oil prices drop to four-month lows on oversupply concerns

Reuters
Oct 03
BUZZ-Energy companies fall as oil prices drop to four-month lows on oversupply concerns

** S&P 500 Energy index .SPNY down ~1%, tracking lower crude prices O/R

** Brent crude LCOc1 down 1.2% at $64.55/barrel; U.S. West Texas Intermediate crude futures CLc1 also down 1.2% at $61.03/barrel

** Crude prices fall to their lowest in four months on Thursday, extending a run of declines into a fourth day, due to concerns about oversupply in the market ahead of a meeting of the OPEC+ group over the weekend

** Energy majors Chevron CVX.N and Exxon Mobil XOM.N down marginally each

** SLB SLB.N down 2.7%, APA Corp APA.O dips 3% and Coterra Energy CTRA.N falls 3.1%

** Separately, Occidental Petroleum slips ~8%; says it will sell its chemical business to Berkshire Hathaway BRKa.N for $9.7 bln

** Refiner Valero Energy VLO.N down 2.1%

(Reporting by Pranav Mathur in Bengaluru)

((Pranav.Mathur@thomsonreuters.com;))

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