Oil-Stock Plunge Erases $17 Billion as Exxon Hits Four-Year Low
- S&P 500 energy index falls to lowest since October 2011
- Exxon Mobil on track for worst annual performance in 34 years
Aerial photograph of oil storage tanks in Cushing, Oklahoma.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Oil and gas producers dropped to their lowest level in almost four years as collapsing markets in China heightened concern that demand will falter, aggravating a glut.
The index of 40 energy explorers, refiners and drillers on the Standard & Poor’s 500 lost $17 billion in value, sinking 5.2 percent Monday in New York to the lowest since October 2011. The slide extended Exxon Mobil Corp.’s year-to-date decline to 26 percent, putting the world’s biggest oil producer by market value on track for the poorest annual performance since at least 1981.