COM - Energy stocks lag as WTI crude drops from 22-month high

Oil producers are pulling back in the early going as crude oil futures hold steady losses, under pressure from a higher dollar and a selloff in bond markets that has spooked risky assets.April WTI crude (CL1:COM) -1.8% to $62.38/bbl after yesterday posting its highest front-month close in 22 months, with May Brent (CO1:COM) -1.1% to $66.16/bbl.Among noteworthy stock movers: [[XOM]] -3.6%, [[CVX]] -3.3%, [[COP]] -2.5%, [[APA]] -3.5%, [[MRO]] -3.6%, [[OXY]] -2.5%, [[EOG]] -7.3%.The "domino effect is starting to hit commodities like oil, triggered by a correction in the reflation trade due to higher U.S. yields that are becoming a significant source of market volatility," says Axi global market strategist Stephen Innes.Today's dropoff also reflects profit-taking after both WTI and Brent march towards ~20% monthly gains on supply disruptions in the U.S. and optimism over demand recovery on the back of COVID-19 vaccination programs."Oil prices have gone too far and too

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Energy stocks lag as WTI crude drops from 22-month high