The energy sector is down 1.1% on Tuesday morning, making it the worst performing sector in the S&P 500.
Falling oil prices are a drag as Brent crude oil, the international benchmark, is down 2.8% to $44.63 as of 10:45 a.m. ET on worries expectations of any sort of OPEC deal are beginning to sputter. It appears the tone of the meeting has changed to a consultative one rather than a decisive one.
The drop in oil prices is hitting shares of Whiting Petroleum, which are down almost 6%.
Elsewhere, Chesapeake Energy has tumbled over 8% after two board directors, including one of activist investor Carl Icahn’s main guys, resigned on Monday. This comes a weekafter Icahn more than halved his stake in the natural gas producer.
Also weighing on the space is Rice Energy, which is down 6.7% after the oil and gas company announced that it will buy Vantage Energy for about $2.7 billion, including debt.
- Google Finance