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Oil declines amid broad market sell-off

In this article:
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Yahoo Finance's Jared Blikre gives an update on the oil market for today.

Video Transcript

- Welcome back to Yahoo Finance. Well, it has been a red day across the board on the market front. And equities and energy also taking a hit. That's something that we haven't seen recently. As oil foils-- falls on strong dollar, and the possibility of quicker rate hikes of course by the FOMC. Here with a look at all of that and how crude settled is Yahoo Finance's Jared Blikre. And Jared, tensions between Russia and Ukraine not helping matters either

JARED BLIKRE: Yes that is correct, and a little bit of everything that's kind of spilling over into the oil market today. Also, we have contract rollover. So, we're now talking about March futures. So let's take a look at the settlement. We got March futures settling at $0.31 per barrel, still trading in the electronic market.

Here's the overnight price action from yesterday's open on Sunday evening, and you can see just kind of following the general market weakness that we have right here. Now on a longer term basis, let me put a three month chart up, and we can see we did take out these highs from before.

We have the highest prices, or had the highest prices, since 2014. And we're just now backing off a bit, but really this price decline that we're seeing, not that material. Especially when we're talking about the NASDAQ being off as much as 5% today, the S&P 500 off as much as 4%. Really a 2 and 1/2 decline for crude oil is a drop in the bucket here.

I want to go to our energy heat map, and let's see if we can find this. And here we have, let's see if we got any green. Only Halliburton, which reported earnings earlier this morning. That stock is up about 9/10 of a percent, but still seeing some fairly deep losses, especially in the overseas majors.

We got BP down over 4%. Royal Dutch Shell down more than 3%. A little bit better here in the US. We got Exxon Mobil and also Chevron. Those are each down more than 1% here.

Finally, just want to take a look at XLE on a sector basis. This is a stock in ETF that really flew to the upside recently. $60 is a huge price level, and it still hasn't technically cleared it just yet. A little bit of a wiggle room for there, so interesting to see how we have this general market weakness just as XLE has climbed to a very important level. And we'll be tracking all of this. We'll be tracking all of this as it develops throughout the week here, guys.

- OK, Jared Blikre. Thank you so much for that report.

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