Snapping four days of gains, oil prices plummeted again on Tuesday and crude futures also fell to fresh session lows, as the U.S. President in an official statement announced that the United States stands by Saudi Arabia.
Brent crude fell by $4.72 or 7.1% to stand at $62.07 a barrel while the international benchmark for oil prices hit a fresh eight-month low on Tuesday. U.S. West Texas Intermediate (WTI) plunged by $4.18 or 7.3% to stand at $53.02, thus hitting its lowest level going back to October 2017.
Crude futures and equities fell in tandem during this broad market sell-off, just like last month. The downward slide for energy stocks ranged in-between 2% to 7% and some of the major losers included names like Chesapeake Energy (CHK, -7.1%), Devon Energy (DVN, -6.1%), Range Resources Corporation (RRC, -5.3%) and Southwestern Energy (SWN, -4.4%) among others.