Energy Stocks Tumble as Crude Plunges Below $100 a Barrel

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Energy Stocks Tumble as Crude Plunges Below $100 a Barrel
Credit: © Reuters.

By Liz Moyer

Investing.com -- Energy shares sold off sharply on Tuesday after crude oil prices plunged 10%, with WTI falling below $100 a barrel.

Oil majors felt the hit, with shares of Shell PLC ADR (NYSE: SHEL ) dropping 7%, while Exxon Mobil Corp (NYSE: XOM ) shares fell 4% and Chevron Corp (NYSE: CVX ) fell 3.5%. Marathon Oil Corporation (NYSE: MRO ) shares fell 4%.

Energy stocks are reeling as fears about a global recession return, weighing on sectors that benefit from economic growth. The drop in the price of crude oil may also be a positive sign for American consumers, who have been struggling with high prices at the pump. The national average price of gasoline per gallon is $4.80, according to AAA, but that is down from north of $5 a gallon a few weeks ago.

The pressure was also being felt by alternative and clean energy stocks. Enphase Energy Inc (NASDAQ: ENPH ) fell 3%, while SolarEdge Technologies Inc (NASDAQ: SEDG ) fell 3.4%. NextEra Energy Inc (NYSE: NEE ) fell 3%.

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