The energy sector has stumbled over the past few months on declining crude oil prices. West Texas Intermediate crude oil is currently trading at $88.7 per barrel while the Brent crude oil is hovering around $91.9 per barrel. [Taking A Bearish Approach to Oil ETFs]
The U.S. Energy Information Administration has reduced its 2014 and 2014 crude price outlook due to rising output, notably in the U.S., and diminished demand due to a slowdown in China and the Eurozone. The EIA now expects WTI oil to average $94.58 per barrel in 2015, compared to September calls for an average $94.67 per barrel, Bloomberg reports.
Energy Select Sector SPDR
For more information on the oil industry, visit our oil category.
Max Chen contributed to this article.