Energy sector slides over 1% as oil prices end recent rally
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The news: Energy stocks weighed on the ASX after oil prices tumbled overnight.
The numbers: Energy, down 1.44%, was the worst performing sector on the ASX by 12:39pm AEDT, as the ASX 200 lost 0.67%.
Oil and gas majors Karoon Energy (-2.08%), Santos (-1%), Woodside Energy (-0.94%) and Ampol (-0.87%) all lowered.
West Texas Intermediate (WTI) was down 0.4% to USD73.03 a barrel after falling 1% on Wednesday. Brent crude was down 0.3% to USD75.91 a barrel.
The context: Oil prices slipped after climbing steadily since the turn of the year, and taking WTI to its highest level since mid-October.
The advance has been driven by falling US stockpiles, lower supplies from Russia, and concerns that US President-elect Donald Trump could tighten sanctions on Iran, Bloomberg reported.
The source: Bloomberg
