COVID-19 Concerns Are Crushing Energy Stocks Today

Major benchmarks stumbled into the week, with most stock market indexes falling more than 2% by 11 a.m. EDT on Monday. That sell-off spilled over into the energy market, causing crude oil prices to plunge nearly 5%, putting downward pressure on most energy stocks. Several declined by more than 5%, including Brookfield Infrastructure (NYSE: BIP), Callon Petroleum (NYSE: CPE), Halliburton (NYSE: HAL), and Phillips 66 (NYSE: PSX). 

The main culprit driving today's sell-off was a jump in COVID-19 cases across Europe. That sparked fears that the continent might reimpose lockdowns, which would impact its economic recovery. It would also affect demand for oil, which has already been under pressure due to the sluggish rebound in consumption. 

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Source Fool.com