Falling crude prices weigh on US energy companies
Updates
** Shares of U.S. energy companies slide as oil prices drop nearly 5% in early trade
** Oil prices tumbled to their lowest since early Octoberdue to a weaker demand outlook and easing fears of a supply disruption amid theIran-Israel conflict O/R
** Exxon Mobil XOM.N down 3.1%, Chevron CVX.N falls 2.1% and SLB SLB.N dips around 3.4%
** Biggest falls include producers Crescent Energy <CRGY.N>, APA Corp APA.O and Diamondback Energy FANG.O dropping between 2%and 5.5%
** Refiners PBF Energy PBF.N, Marathon Oil MRO.N and Phillips 66 PSX.N fall between 2% and 4.4%
** Other oilfield services companies fall between 2.7% and 5.2%
** "While geopolitical tensions could continue to lend some support and prevent sharper declines, sluggish economic growth in the euro zone and China suggests a volatile and potentially bearish outlook for crude prices in the near term," says Joseph Dahrieh, managing principal at Tickmill
** "The next moves will hinge on whether the market believes this new conciliatory political speak, and if it does ... this will not be the end of lower prices," notes John Evans, analyst at oil broker PVM, referring to media report of Israel telling U.S. it would not strike Iranian oil targets
Reporting by Paolo Laudani and Seher Dareen
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