Energy stocks suffer broad selloff as crude oil prices drop toward 7-month low

Shares of energy companies took a broad beating Monday, as crude oil futures sank toward seven-month lows amid demand concerns as China’s economy slows. The SPDR Energy Select Sector ETF
XLE,
-3.25%
dropped 4.2% in morning trading, with all 21 equity components losing ground, after closing Friday at a two-month high. The component losses ranged from Kinder Morgan Inc.’s
KMI,
-1.40%
2.6% decline to Halliburton Co.’s
HAL,
-4.52%
5.6% fall. Elsewhere, shares of Chevron Corp.
CVX,
-2.90%
slid 3.6% to pace the Dow Jones Industrial Average’s
DJIA,
-0.02%
decliners. Among the other more-active components, shares of Exxon Mobil Corp.
XOM,
-3.44%
shed 4.2%, Occidental Petroleum Corp.
OXY,
-3.36%
slumped 4.5%, Devon Energy Corp.
DVN,
-4.41%
gave up 5.1% and Marathon Oil Corp.
MRO,
-4.57%
declined 5.4%. Meanwhile, continuous crude oil futures
CL00,
-4.39%
were down 5.3% toward the lowest settlement since Jan. 28, and the S&P 500
SPX,
-0.17%
lost 0.4%.