XOM - Crude oil down ~$8 energy stocks follow commodity lower

Following news over the weekend that Russia and Ukraine were nearing a diplomatic agreement, the broader energy complex sold off Monday morning. WTI (NYSEARCA:USO) was lower by ~$8, while the sector (NYSEARCA:XLE) sold off ~4% in early trading. Tellurian (NYSE:TELL) led the way lower, followed by strong year-to-date performers Devon (NYSE:DVN), Kosmos (NYSE:KOS) and Occidental (NYSE:OXY). Oil refiners like Marathon (NYSE:MPC) and Philips (NYSE:PSX), companies that would benefit from lower prices and greater feedstock availability, held in relatively well, down 2-3%. Chevron (NYSE:CVX) outperformed Exxon (NYSE:XOM) around the open, despite catching a downgrade from Morgan Stanley.

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Crude oil down ~$8, energy stocks follow commodity lower