HAL - U.S. crude plunges 5% with demand worries growing alongside COVID cases

The energy sector ([[XLE]] -3.4%) returns to the bottom of the S&P sector standings as crude oil prices come under pressure, with November WTI (CL1:COM) -5.1% to $38.53/bbl and plunging below its 200-day moving average $39.62/bbl.There's no obvious catalyst behind today's sharp move, but persistent demand concerns stemming from the pandemic are outweighing hopes for a new U.S. stimulus package."The evolving COVID landscape is a massive downside risk for crude prices," says OANDA's Craig Erlam.In a clear sign of weak demand in Japan, the world's fourth biggest crude buyer, official data showed the country's August oil imports fell more than 25% Y/Y.Four of today's five biggest losers on the S&P 500 are in the oil and gas sector: [[APA]] -7.3%, [[DVN]] -7.2%, [[NOV]] -6.5%, [[EOG]] -6.1%.Also: [[XOM]] -3.5%, [[CVX]] -3.3%, [[COG]] -3.6%, [[SLB]] -5%, [[HAL]] -5%.ETFs: [[USO]], [[XLE]], [[UCO]], [[XOP]], [[VDE]], [[GUSH]], [[OIH]], [[BGR]], [[ERX]], [[BNO]]

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U.S. crude plunges 5% with demand worries growing alongside COVID cases