Oil's Collapse Took a Toll on Energy Stocks This Week
Transocean(RIG) The Motley Fool·2024-09-07 05:40
The sliding price of oil was a huge headwind for energy stocks.The biggest news of the week in energy was that Brent crude oil prices fell by 7% to $71.32 per barrel, which sent most energy stocks into a tailspin. The price drop was largely driven by the release of relatively weak U.S. economic data. The ISM manufacturing reading was just 47.2%, indicating a contraction in manufacturing orders. On Friday, we learned just 142,000 jobs were added in the U.S. in August, well below the 161,000 expected, and rev ...