BKR - Oil and gas equities dominate S&P's top losers as crude prices slide

Energy stocks are lower across the board early Monday, as crude oil futures plunge more than 4% to seven-month lows following weaker than expected Chinese economic data and the rising possibility for a revival of the Iran nuclear deal, which would add supply to global markets.

WTI September crude oil ( CL1:COM ) -4.4% to $88.06/bbl after falling as much as 5% earlier, and October Brent crude ( CO1:COM ) -4.2% to $93.97/bbl.

The SPDR Energy Select Sector ETF ( NYSEARCA: XLE ) -3.6% , with all 21 components trading in the red, after closing Friday at a two-month high.

Other ETFs include: ( NYSEARCA: XOP ), ( VDE ), ( OIH ), ( IEO ), ( DRIP ), ( CRAK ), ( NYSEARCA: USO ), ( UCO ), ( SCO ), ( BNO ), ( DBO ), ( USL )

Energy equities dominate the list of the day's biggest losers on the S&P 500: ( MRO ) -5.4% , ( VLO ) -5.3% , ( HAL ) -5.2% , ( SLB ) -4.7% , ( DVN ) -4.7% , ( APA ) -4.5% , ( HES ) -4.5% , ( EOG ) -4.1% , ( BKR ) -3.9% , ( FANG ) -3.7% , ( XOM ) -3.7% , ( OXY ) -3.5% , ( COP ) -3.4% .

Newly released data showed China's apparent oil demand in July fell ~10% Y/Y , and Chinese industrial production rose by a weaker than expected 3.8% Y/Y.

A nuclear deal with Iran looks more likely, as Foreign Minister Hossein Amirabdollahian said the country would inform the European Union tonight of its position regarding a final draft text for a nuclear deal.

Also, Saudi Aramco CEO Amin Nassar said it is ready to raise crude oil production to its maximum capacity of 12M bbl/day .

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