The energy sector was taking a broad beating Tuesday, as crude oil prices continued their recent plunge below $100 a barrel. The SPDR Energy Select Sector ETF XLE, -3.23% slumped 3.3% in afternoon trading, and was the only SPDR ETF tracking the 11 S&P 500 SPX, +1.46% sectors to be declining, while the S&P 500 rallied 1.4%. Leading the ETF lower, shares of Valero Energy Corp. VLO, -6.52% dropped 6.5%, Baker Hughes Co. BKR, -5.00% slumped 4.9%, Exxon Mobil Corp. XOM, -4.79% slid 4.9%, Chevron Corp. CVX, -4.71% shed 4.7% and Schlumberger NV SLB, -4.43% fell 4.4%. The selloff in Schlumberger’s stock comes even after the oil services company announced before the opening bell that a “major contract award” by Saudi Aramco for integrated drilling and well construction services in a gas drilling project. Meanwhile, continuous crude oil futures CL00, -6.15% sank 6.0% to $96.86, and have now tumbled 21.7% since closing at a March 8 peak of $123.70, as widespread COVID-19-related lockdowns in China are raising worries of a potential drop in demand.
