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Energy leads S&P 500 drop as oil prices ease

Caroline Valetkevitch | Reuters

NEW YORK – Energy shares led declines on the benchmark S&P 500 index for a second session this week, as crude oil prices eased.

The S&P 500 energy index fell 1.1 percent on Wednesday, with shares of Chevron shedding 1.4 percent and shares of Exxon Mobil dropping 1.2 percent – the biggest drags on the S&P 500 and the Dow. The NYSE Arca Oil & Gas index fell 1.1 percent.

Brent oil hit a 17-month low below $99 a barrel, with rising supplies and weak demand helping to extend declines into a fifth session. U.S. crude oil shares were down 70 cents.

Energy shares have been losing ground this month, with the S&P energy sector dropping 4.6 percent in September so far.

Still, the index has appreciated 4.8 percent for the year, though its 2014 gains lag that of the benchmark index, which has advanced 7.5 percent.

Related: Study: Want lower gas prices? Ship more oil abroad

 

(Editing by Bernadette Baum)

This article was written by Caroline Valetkevitch from Reuters and was legally licensed through the NewsCred publisher network.