Energy Stocks Falling Sharply Amid Steep Drop In Oil Prices

(RTTNews) - Energy stocks have come under considerable selling pressure over the course of the trading session on Wednesday, moving lower amid a steep drop by the price of crude oil.

Crude oil for October delivery tumbled $1.65 to $44.70 a barrel following the release of a report from the Energy Information Administration showing a much bigger than expected weekly increase in crude oil inventories.

Reflecting the weakness in the energy sector, the NYSE Arca Natural Gas Index is down by 2 percent, the NYSE Arca Oil & Gas Index is down by 1.9 percent and the Philadelphia Oil Service Index is down by 1.7 percent.