By Jim Jelter, MarketWatch
SAN FRANCISCO (MarketWatch) -- Another down day on the Dow and crude-oil futures falling below $76 a barrel kept pressure on the energy sector Friday, dashing hopes that shares would hold their ground following the previous session's heavy losses.
An hour into the session the NYSE Arca Oil Index (XOI 1,009, -9.31, -0.91%) was down 2.9% at 989.8 points, wiping out a brief bout of buying at the open. France's Total SA (TOT 47.98, -0.73, -1.51%) was leading decliners in the group, down 4.6% at $46.56 a share.
European energy companies were especially hard hit by the economic crisis sweeping Europe as the steep sell-off in U.S. markets on Thursday, uncertainty over the final outcome of elections in Britain and Greece's economic tribulations continue to rattle markets.
Dow Jones Industrials components Exxon Mobil (XOM 64.04, +0.29, +0.46%) and Chevron (CVX 77.77, +0.57, +0.74%) were also caught in the sell-off, though at 6 cents and 35 cents a share, respectively, their losses were among the slimmest. Meanwhile, the Dow Jones Industrials Average was off 165 points at 10,354 points, adding to Thursday's 348-point drop.
Oil stocks were not getting any help from the commodity market. June crude-oil futures were off $1.65 at $75.46 a barrel in New York as traders continue to wring their hands over the economic crisis in Europe and what it might mean for energy demand, ignoring for the time being a supportive U.S. jobs report. See Futures Movers.
The NYSE Arca Natural Gas Index (XNG 520.59, -5.25, -0.10%) was last off 2.3% at 513.8 points while the Philadelphia Oil Service Index (OSX 190.79, -4.10, -2.10%) was down 2.8% at 189 points.
