NEW YORK (MarketWatch) � Energy stocks outpaced Wall Street�s retreat into the red Friday, as losses in crude-oil futures stoked selling in the sector.
Energy stocks in the Standard & Poor�s 500 index SPX �fell 1.8%, on average, wider than 0.3% drop for the broader benchmark.
Click to Play Crude-oil Falls After Rumors of Saudi Blast DeniedCrude-oil fell Friday as fears about additional Middle Eastern supply constraints subsided after Saudi officials denied reports of the pipeline explosion in the world's top oil-producing nation. (AP Photo/David J. Phillip, File)
April crude futures , traded down during the session to the $106-a-barrel range, after Saudi Arabian officials denied reports of an explosion at a pipeline system in the oil-rich country. Read more in Futures Movers.
Decliners included shares of Anadarko Petroleum APC , down 3.8% and Alpha Natural Resources ANR , off nearly 6%, while Peabody Energy BTU fell 6.5%; also Murphy Oil MUR �dropped 3.4%.
On the plus side, refiners Valero Energy Corp. VLO �and Tesoro Corp. TSO �moved up by about 1.6%.
Among the major energy-sector benchmarks, the NYSE Arca Oil Index XX:XOI �fell 1%, the NYSE Arca Natural Gas Index XX:XNG �dropped 1.9% and the Philadelphia Oil Service Index OSX �dipped 1.3%.
While energy stocks lost ground, economists and investors kept an eye on rising gasoline prices, which have climbed every day for the last 35 days. See: Commodies Corner column on gasoline prices.
Energy stocks lose ground for the weekThe NYSE Arca Oil Index closed at 1,332 on Friday, behind its week-ago ending point of 1,340.
The NYSE Arca Natural Gas Index finished Friday at 669, compared to its closing level of 687 seven days ago.
The Philadelphia Oil Service Index closed Friday at 253, below its week-ago ending point of 260.
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