ASX energy sector tumbles as China data weighs on oil prices
Make us a preferred source
Make us a preferred source on Google
The news: Energy was the worst performing sector on the ASX as oil and gas stocks tracked a decline in global crude benchmarks.
The numbers: The energy sector was down 1.16% by 2:36pm AEDT as the ASX 200 index rose 0.72%.
Oil and gas majors Karoon Energy (-9.14%), Santos (-1.24%), Woodside Energy (-1.2%) and Ampol (-0.77%) all lowered as Beach Energy rose 0.56%.
Brent crude edged down 0.1% to USD73.83 ($116) a barrel having fallen 0.8% in the previous session. West Texas Intermediate was down 0.2% to USD70.58 a barrel.
The context: Oil prices steadied after a decline on Monday, following new economic data from China that showed falling refining activity and weak retail sales in the world's largest crude importer, Bloomberg reported.
Crude is set to end 2024 slightly lower year over year, with expectations of oversupply into 2025 and a stubbornly weak demand outlook in China.
Meanwhile, Karoon was the second worst performing ASX 200 stock after revising down its full-year production guidance.
The source: Bloomberg
