Energy Stocks Falling Sharply Along With Crude Oil Prices

(RTTNews) - Most of the major sectors have shown only modest moves during trading on Friday, although energy stocks are seeing considerable weakness amid a steep drop by the price of crude oil.

Crude oil for November delivery has plunged $1.51 to $49.28 a barrel after climbing $0.81 to $50.79 a barrel on Thursday, with the pullback attributed to renewed oversupply concerns.

Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index is down by 1.4 percent, the NYSE Arca Natural Gas Index is down by 1.3 percent and the NYSE Arca Oil & Gas Index is down by 1 percent.