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April 9, 2020, 2:25 p.m. EDT

Energy stocks turn down, as crude oil swings from big gain to a big loss

Energy stocks fell into the red in afternoon trading Thursday, as crude oil prices swung from a big gain to a big loss amid volatile trading amid reports that Saudi Arabia and Russia had reached agreement on output cuts. The SPDR Energy Select Sector ETF (PSE:XLE) dropped 1.2%, after being up as much as 6.5% earlier, as crude oil futures flipped from a rally of as much as 13.0% to a decline of 6.6%. Among the more active components of the energy ETF, Exxon Mobil Corp.'s stock (NYS:XOM) slipped 0.3%, to pare earlier gains of as much as 12.2%; Marathon Oil Corp. shares (NYS:MRO) erased an intraday gain of as much as 15.2% to be up 1.9%; Apache Corp.'s stock (NAS:APA) was up 4.8% after being up 32.8% at its intraday peak; Halliburton Co.'s stock (NYS:HAL) swung from a gain of as much as 11.2% to be down 5.1%; and Devon Energy Corp. (NYS:DVN) slipped 0.2% after being up 12.2%. The energy ETF has now lost 43.8% over the past three months, while the S&P 500 (S&P:SPX) has declined 14.8%.

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