NYMEX Benchmark Crude October: (-3.5%) to $85.95
Top Energy Stocks
Energy shares are broadly lower in mid-day trading as crude oil futures slump more than 3% to trade under $86 a barrel, paring much of the week's gains.
Light, sweet crude oil for October delivery is trading down 3.5% to $85.95 a barrel. In other energy futures, heating oil is down 2.54% to $2.96 a gallon while natural gas is down 1.26% to $3.93 per million British thermal units.
Oil's decline comes with a steep drop in equities after neither Federal Reserve Chairman nor President Obama delivered on the hoped for stimulus to get the economy going.
"Bernanke didn't give any further insight into stimulus measures, and Obama's speech has been received very tepidly, which continues to weigh on concerns about the U.S. economy," Matt Smith, a commodities analyst for Summit Energy Services Inc. told Bloomberg.
In mid-day energy news, Goldman Sachs reportedly downgraded Tesoro ( TSO ) to Sell from Neutral. Goldman has a price target of $22 on Tesoro shares.
Tesoro shares are down 3.57%, or $0.87, to $23.48.
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