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Oil dips below $40 a barrel, energy shares tumble

West Texax Intermediate oil prices fell to $38.89 Monday morning, a new six-year low.
West Texax Intermediate oil prices fell to $38.89 Monday morning, a new six-year low. TNS

Hold on, it’s going to be a bumpy ride in the oil patch.

After watching the price of U.S. benchmark crude oil dip below $40 briefly on Friday, the market selloff took its toll on local energy stocks early Monday morning.

At about 10 a.m., West Texas Intermediate crude was trading at a six-year low at $38.89 while Brent, the guidepost for oil sold on the European market, was selling at $43.48. However, after am early dive, the market was rebounding.

Still, the strong declines in the commodity and equity markets has big energy shares tumbling.

▪ ExxonMobil was down $1.72, or 2.38 percent, to $70.41. Irving-based ExxonMobil owns local energy company XTO Energy in Fort Worth.

▪ Chevron took a hit, dropping 3.34 percent, or $2.53, to $73.23.

▪ BP fell 4.74 percent, or $1.57, to $31.60.

▪ Irving-based Pioneer Natural Resources dropped $2.91, or 91 cents, to $116.04.

▪ Fort Worth-based Approach Resources tumbled 1.98 percent, or 4 cents, to $1.98.

▪ Chesapeake Energy, a big player in the Barnett and Eagle Ford shale plays, dropped 2.69 percent, or 18 cents, to $6.68.

Max B. Baker: 817-390-7714, @MaxbakerBB

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