OIH - Oil drops again as fears of further COVID spread feed demand concerns

The energy sector ([[XLE]] -3.6%) sinks to the bottom of the S&P 500 sector standings, with crude oil futures falling nearly 4% as rising coronavirus cases around the world hurts energy's demand outlook, with further price pressure from last month's increase in OPEC production.November WTI crude closed -3.8% to $38.71/bbl after sliding to a session low of $37.61; December Brent -3.6% to $40.78/bbl.Four of today's five worst performers on the S&P are oil and gas producers: [[HAL]] -8.2%, [[VLO]] -7.5%, [[MPC]] -5.6%, [[HES]] -5.1%.Also, Royal Dutch Shell ([[RDS.A]] -4.1%) and BP ([[BP]] -3.7%) hit fresh 25-year-lows, and Exxon Mobil ([[XOM]] -4.0%) and Chevron ([[CVX]] -2.7%) tumble near their March lows."It has become evident that the virus has not been contained. Infection rates are going up, the global death toll has surpassed the 1M mark and the world is becoming a gloomy place once again," according to PVM Oil analyst Tamas

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Oil drops again as fears of further COVID spread feed demand concerns