Securities tied to the energy space all tumbled on Tuesday, tracking crude oil lower as caution grew ahead of a pivotal OPEC summit. Although Wall Street has expressed its doubts, investors have held out hope that production cuts will be announced at the meeting of the Organization of the Petroleum Exporting Countries to help stabilize oil prices and address a glut of oil that has resulted in crude prices tumbling from their 2014 peak. Crude oil [S: CLX7] fell 3.7% on the day, while the United States Oil Fund LP exchange-traded fund [S: USO] lost 3.5%. The iPath S&P GSCI Crude Oil Total Return Index exchange-traded note [S: OIL] sank 3.2%, while the PowerShares DB Oil Fund [S: DBO] lost 3.3% and the United States 12 Month Oil Fund LP [S: USL] shed 3.1%. Among major companies, Exxon Mobil Corp. [S: XOM] fell 0.9% while fellow Dow component Chevron Corp. [S: CVX] lost 1.4%. Occidental Petroleum Corp. [S: OXY] sank 1.7%. Halliburton Co. [S: HAL] dropped 2.8% on the day.
Read the full story:
Oil and energy ETFs sink ahead of pivotal OPEC summit