Energy Stocks Retreat as Oil Falls Below $37

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Energy stocks on Thursday surrendered recent gains, with the sector holding up the white flag to oil trading below the psychological barrier of $40 a barrel.

Energy stocks on Thursday surrendered recent gains, with the sector holding up the white flag to oil trading below the psychological barrier of $40 a barrel.

Oil service shares led the retreat, with double-digit losses among drilling and infrastructure firms after a downgrade of sector leader Schlumberger. The losses in the sector wiped out gains from the rate cut-inspired rally earlier this week. Energy stocks had been in recovery mode of late, gaining for two of the prior trading weeks in a row, but now falling oil prices are stoking more selling.

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