Energy Stocks Lose Steam Midday on Weak Jobs Report
Investing.com - Oil stocks were among the hardest hit midday Friday as a weakened economic outlook in the U.S. and news of the Norwegian government selling its shares in oil and gas companies dragged on the sector.
Earlier in the day, Norway recommended that its sovereign wealth fund sell its shares in oil and gas companies to focus on more sustainable investment. The wealth fund has invested billions of dollars into shares of Exxon (NYSE:XOM), BP (LON:BP) and others.
Meanwhile, U.S. job growth was nearly flat in February, with the economy creating only 20,000 jobs.
The energy sector slumped 2.1%. Exxon Mobile fell 1.6% after it was downgraded by Cowen, according to CNBC. Cabot Oil & Gas (NYSE:COG) dipped 1.5% and Chevron (NYSE:CVX) slipped 1.3%, while Devon Energy (NYSE:DVN) tumbled 4.3%.
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